Base metals down on bleak demand prospects from China By Yash Sawant, Angel Broking Ltd
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Below are Quote On Base metals down on bleak demand prospects from China By Mr. Yash Sawant, Research Associate, Angel Broking Ltd.
Base metals down on bleak demand prospects from China
Industrial metals remained under pressure on the first trading day of the week as demand woes arising to the major metal consuming economy China continued to intensify.
China’s exports grew at 27.9 percent in May’21 (yoy), well below the anticipated growth rate and down from 32.3 percent growth reported in April’21. The weaker than expected export data comes inline after the premium for the imported metal into China dropped to a multiyear low indicating towards weak demand China.
On the MCX, Copper prices are down by 0.6 percent, Zinc prices are down by 0.9 percent whereas Aluminium and Nickel prices have fallen over 1 percent in today’s session.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
