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View on Base Metals Update By Mr. Yash Sawant, Angel Broking Ltd
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Below are Views On Base Metals Update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
China's Metal auction
After the successful first round of China’s State Reserve metal auction, China's National Food and Strategic Reserves Administration announced to continue releasing inventories in the times ahead in an attempt to ease commodity prices.
The metal auction on 5th July’21, which offered 100,000 tonnes of Copper, Aluminium and Zinc, concluded on the first of the two days allotted for the sale.
Prospects of increase in global supply of the industrial metals and wild spread of the delta variant in major economies might turn investors cautious.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
