Weekly Base Metal Out look : The base metals pack largely ended on a positive note, except for Lead Says Mr. Saish Sandeep Sawant Dessai, Angel One
Below is Weekly Base Metal Write Up by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
The base metals pack largely ended on a positive note, except for Lead, which was the only losing metal of the week.
Copper prices have fallen from seven-month highs in January, but they are still significantly higher than the low of $6,955 set last year. Copper prices rose marginally as investors braced for a credit crunch, which would stifle economic growth and metals demand.
Despite the sale of failed Silicon Valley Bank (SVB) to a regional US peer, China, the world's largest consumer, is increasing its demand for copper. However, bank failures have increased the risk of lending.
In March, China's factory activity increased at a slower rate, indicating that the economy's recovery is uneven due to weak global demand and a property slump.
Aside from copper, metals such as nickel experienced a strong rebound in prices, recovering losses and ending the week unchanged. Nickel prices fell 28% in seven weeks as a result of concerns about weak demand and rising output in Indonesia.
OUTLOOK: Given China's conflicting signals as the world's largest customer and the recent slowdown in manufacturing activity, metal prices are anticipated to decline.
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