Weekly Base Metal Write Up: Metals such as Copper and Zinc added up to their gains from the previous week 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
Metals such as Copper and Zinc added up to their gains from the previous week, while other metals such as Nickel and Lead slipped lower, concluding on a lower note.
The price of the light metal aluminium increased by more than 6% this week as supplies in LME-registered warehouses for the metal are getting close to 22-year lows attained in August of last year.
On the other hand, copper prices increased to their highest level in more than six months as a result of a better outlook for demand following China's largest buyer, the United States, reopening its borders.
Additionally, as copper prices topped $9,000 per tonne for the first time since June, the US dollar index was around a seven-month low, which helped to bolster prices even more.
Beijing's numerous regulatory attempts to boost its economy and struggling real estate market have increased investor confidence.
Outlook: We expect copper to trade higher towards 781 levels, a break of which could prompt the price to move higher to 792 levels.
Please refer disclaimer at https://www.angelone.in/
SEBI Regn. No.: INZ000161534
Above views are of the author and not of the website kindly read disclaimer
