Base Metals - April 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals complex traded higher with most of the metals witnesses strong buying on higher demand optimism from China and US. The better than expected economic data from US and positive equity indices along with weaker dollar supported base metals to trade higher.

Copper prices traded higher near the highest since the last super cycle, underpinned by spending on green infrastructure and a weaker dollar. The higher demand expectations form green technologies has boosted buying in copper despite of higher inventories at SHFE.

We expect base metals to trade higher with MCX Copper May futures have near term resistance at Rs. 760 per KG with support at Rs. 728 per KG for short term. MCX Nickel support lies at Rs. 1190 and resistance at Rs. 1270. MCX Zinc May support lies at Rs. 227 and resistance at Rs. 237 for short term.

Source : Equity Bulls

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