Weekly Base Metal Outlook : We expect copper to trade lower towards 763 levels Says Mr. Saish Sandeep Sawant Dessai, Angel One
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Below is Weekly Base Metal Write Up by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
It was a week for the base metals to forget, as all the metals ended on a lower note, with zinc being the top-losing metal.
Speculators piled in after China lifted its COVID-19 limitations, sending copper prices to a seven-month high earlier this month.
However, worries over the demand outlook dominated the mood. Due to the US Federal Reserve's hawkish posture, the dollar started to rise, increasing the cost of industrial metals for buyers using other currencies.
The manufacturing purchasing managers' index came in weaker than anticipated in January, which caused China's factory activity to contract more slowly than it did in December.
Pressure increased further when lower-than-expected data revealed that US manufacturing shrank even further in January as higher interest rates hindered consumer demand.
Outlook: We expect copper to trade lower towards 763 levels, a break of which could prompt the price to move lower to 753 levels.
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