DX nosedive to 11-month lows; base metals rejoice: Angel Commodities Broking

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

"Base metals are enjoying a rally of more than 1 percent on both LME and MCX in today's session. Dollar's freefall to near 11-month lows following optimistic comments by European Central Bank Chief Mario Draghi on Eurozone's economic recovery boosted base metals. His comments appeared to signal an end to ECB's bond buying programme soon although he highlighted low Eurozone inflation and reiterated stimulus through 2018 and possibly beyond.

Despite this upside, base metals will close lower this week as global risk appetite fell sharply after opposition of Trump's Healthcare bill by two more republican senators, casting further doubts prospects on his tax reform."

Source : Equity Bulls

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