Base metals bear the brunt of macro economic woes: Angel Broking

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

"Risk appetite has come under severe pressure ahead of key events lined up this week, starting with FOMC statement duetonight. Global investors are anticipating that the Federal Reserve might signal a June rate hike in the upcoming statement. Apart from this, Second round of French elections due on 7th May'17 will keep the investors away from risky assets.

The effect of the same can be seen in the disappointing performance of base metals both in the international and domestic markets. In today's session so far, Copper and Nickel have turned out to be the worst performers, declining by more than 2 percent. Copper, being an economic barometer, is hurt by global doldrums while Nickel is declining following news of rejection of appointment of Regina Lopez as Environment Secretary by Philippine lawmakers as it is likely to ease the supply woes for the metal used in making stainless Steel."

Source : Equity Bulls

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