Base metals update By Mr. Yash Sawant, Angel Broking Ltd.
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Below are Quote On Base metals update ByMr. Yash Sawant, Research Associate, Angel Broking Ltd.
Base metals update
Industrial metals are expected to remain under pressure following the low trading volumes due to holidays in UK & China. While the LME is closed today on account of May day, the shanghai stock exchange will remain shut until 5th May for the Labour Day break.
That, coupled with slower than expected expansion in China’s industrial sector following the surge in costs, stern environmental curbs & disrupted supply might keep the global investors on the back foot.
As per reports from the National Bureau of Statistics (NBS), China’s official manufacturing Purchasing Managers' Index (PMI) dipped down to 51.1 in April ’21, down from 51.9 recorded in March’21.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
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