Base Metals - April 12, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Ssecurities

Base metals complex traded higher with most of the metals gained on stronger demand outlook amid positive economic data and supply concerns. Base metals capped gains on inflation concerns. The higher inflation may lead to policy tightening from banks which may pressure base metals.

China will tighten controls on raw materials to help limit costs for companies that have been pressured by the surge in commodity prices, China National Radio reported, citing Premier Li Keqiang as the country reported its producer prices surged the most in more than two years.

We expect Copper prices to witness some correction with support at Rs. 672 and near term resistance at Rs. 698. MCX Nickel April support lies at Rs. 1180 with resistance at Rs. 1260.

Source : Equity Bulls

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