Base Metals - May 10, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices extended gains with most of the metals rallied on Monday opening trade following strong cues from mining sector. The rally in iron ore prices was followed by Copper, Zinc and Aluminium prices over strong demand outlook. The weaker dollar and China-Australia trade tensions has added fuel to the base metals rally. Global vaccine rollouts and ease of lockdown measures in Europe and UK has improved investment sentiments.

Base metals are expected to trade up for the day. MCX Copper May support lies at Rs. 790 and resistance at Rs. 810. MCX Zinc May support lies at Rs. 236, resistance at Rs. 242. MCX Nickel May support lies at Rs. 1290 with resistance at Rs. 1370.

Source : Equity Bulls

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