Base Metals - Jan 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals traded higher on Monday with Copper and Nickel prices rallied on demand growth optimism followed by Zinc and Aluminium. Base metals traded up after China reported better than expected GDP growth numbers. The Chinese economy grew by 6.5% in last quarter against previous 4.9%.

We expect base metals to trade sideways to up for the day. MCX Copper January support lies at Rs. 608 and resistance at Rs. 615. MCX Zinc January support lies at Rs. 212, resistance at Rs. 220. MCX Nickel January support lies at Rs. 1290 with resistance at Rs. 1350.

Source : Equity Bulls

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