29/05/2023 12:28:35 PM | Source: Angel One Ltd
Given the recent steep sell-off in the metals segment, which has brought several metal prices to month low, with the latest being Zinc.
Weekly Base Metal Report by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd
Below is Weekly Base Metal Write Up by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
Prices for the metal used to galvanize steel have plunged to 28-month lows, making it the week's biggest loser due to weak demand and an unexpected increase in exchange inventories.
Copper prices dipped below $8,000 a tonne for the first time since November, due to weak Chinese demand and global economic concerns. Concerns over a worldwide economic slowdown and the strength of the dollar fueled metals sell-offs this week.
Prices fell further due to concerns about the performance of major economies, as well as because a strong US dollar made purchasing commodities priced in US dollars less desirable.
OUTLOOK: We expect copper to trade higher towards 721 levels, a break of which could prompt the price to move higher to 727 levels.
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