Base Metals - June 22, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Base metals prices traded mixed with Copper traded strongly amongst the complex while Nickel, Zinc and Aluminium prices kept the lower trading range for the day.

Base metals traded sideways to down for the day except copper as rise in virus cases raised questions over the pace of economic growth. Nickel and Aluminium prices witnessed selling since last week after Beijing reported a sudden rise in new virus cases. Copper prices traded strong along with equity indices with lower inventory numbers and expectation of higher demand due to extended stimulus packages.

MCX Copper June contracts are trading strong after giving breakout above Rs. 425 and currently trading Rs.449. We expect base metals to trade sideways to up with MCX Copper June support at Rs. 445, Resistance at Rs. 456 for the short term.

Source : Equity Bulls

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