Base metals are likely to trade sideways to up in the next trading sessions with support from several factors, according to weekly base metals quote by Tapan Patel, Senior Analyst at HDFC Securities.
Base metals’ prices traded higher on Monday as most witnessed strong buying over US aid package and spending. Base metals are expected to trade sideways in the next trading session.
US president Trump signed the $2.3 trillion aid and spending package, boosting demand outlook. Lead, copper and zinc reported gains while nickel prices were trading with marginal gains on weaker dollar. Base metals also recovered on positive global cues as UK and European Union are in final stage of the Brexit agreement which boosted regional currencies pressuring dollar.
MCX Copper January support lies at Rs607 and resistance at Rs614. MCX Zinc January support lies at Rs219, resistance at Rs225 while MCX Nickel January support lies at Rs1,280 with resistance at Rs1,320.