Base Metals - Feb 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals complex witnessed strong buying with most of the metals opened higher with higher demand outlook and supply deficit fears. Copper prices traded to the highest levels since 2011 crossing above $9000 per tonne at LME while Nickel prices rallied above $20000 to the most since 2014. The premium for cash copper over three-month metal is rising showing tight supply in spot market.

We expect base metals to trade higher for the short term. MCX Copper March support lies at Rs. 685 and resistance at Rs.712. MCX Zinc March support lies at Rs. 227, resistance at Rs. 236. MCX Nickel February support lies at Rs. 1390 with resistance at Rs. 1480.

Source : Equity Bulls

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