China's announcement of new economic zone boosts metals: Angel Broking

Ms. Kaynat Chainwala (Research Analyst- Base Metals, Angel Commodities Broking):

"The entire base metals pack, got a shot in the arm as the Chinese government announced last Saturday that it would create the Xiongan area in Hebei province modeled in the way Shenzhen and Shanghai's Pudong was built, thereby boosting investors optimism regarding Chinese economic outlook. Chinese markets reopened today after a four day long Tomb Sweeping Holiday.

Interestingly, there is a crucial event lineup this week starting right from FOMC meeting minutes, due to be released tonight followed by a highly awaited Trump-Jinping meeting due tomorrow.

Despite overall global uncertainty, base metals are shining bright citing strong manufacturing data from Europe and Asia. Apart from this, early positive economic numbers from China including GDP, private indicators like sales manager sentiment and confidence is providing a cushion to the metals amidst this otherwise ambiguous global environment."

Source : Equity Bulls

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