Base metals update By Yash Sawant, Angel Broking
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Below are Views On Base metals update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
The Base metals complex headed towards a weekly decline across exchanges as China’s rigorous attempts to ease commodity prices and a stronger Dollar dragged the prices lower. China announced to release metals (copper, Aluminium and zinc) from its national reserves to nonferrous processing and manufacturing firms through a public auction which weighed on Investor sentiments.
The US Currency strengthened after the Federal Reserve signalled towards a hawkish approach in its recent policy meeting adding to the downside for the Dollar priced industrial metals. Dollar priced industrial metals.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
