Base Metals - April 27, 2020 - HDFC Securities

Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Base metals traded higher on Monday with Copper, Nickel and Zinc prices reported almost 1% of gains at MCX.

Base metals have showed signs of recovery in recent days with stabilizing conditions in China. The buying on Monday came after China's major production province of Yunnan said to support local companies in building reserves and limiting supplies.

China's economy has started showing signs of recovery from corona virus crisis. The restore of demand supply balance with give a steady recovery to industrial metals.

MCX Copper May contract has important resistance at Rs. 415 with strong support at Rs. 405 for short term.

Source : Equity Bulls

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