Base Metals - 28th Sept 2020 - HDFC Securities

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

Base metals traded mixed with most of the metals were trading firm on Monday on weaker dollar and rise in equity indices.

Traders and Investors are awaiting for key manufacturing PMI data from China and US this week which may boost volatility in prices. The dollar index pared some gains on Monday amid uncertainty over US aid package and upcoming US presidential election debate.

We expect base metals to limit downside for the week with MCX Copper October support at Rs. 510 and resistance at Rs. 525. MCX Nickel October support lies at Rs. 1020 and resistance at Rs. 1090. MCX Zinc may continue bullish trend on strong iron ore and steel prices with support at Rs. 185, resistance at Rs. 193.

Source : Equity Bulls

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