Weekly Base Metal Out look : Looking at the base metals pack, Lead, which was one of the laggards during the previous week 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
Looking at the base metals pack, Lead, which was one of the laggards during the previous week, continued to underperform in the subsequent week along with Aluminium, which ended lower too.
Given that the major consumer's economy severely contracted in the fourth quarter and that 2022's growth will be among the weakest in over fifty years, together with a strong dollar as attention switched to deteriorating demand, the metals pack started the week on a mixed note.
However, after reaching 7-month highs, copper prices started to decline due to supply issues and a shortfall in demand in top consumer China. However, uncertainty around supply and a weak US currency helped to keep the prices elevated.
Outlook: Due to demand optimism from China, prices of metals would see a further uptick. Also, the weaker dollar would further help the prices remain at an elevated level.
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