Entre base metal pack has been quite unpredictable and have an unclear trend. All base metals have been trading in a range and have been seen testing support levels.

Markets sentiments are still negative but fundamentals have been slightly positive. Investors have advised not to create fresh short positions and wait till you get into a long position.

Looking at the depreciation in Rupee and other emerging market currencies, global growth has been showing negative data.

We have not seen any buying sentiment from China and so there is not much happening in this space except for Aluminium.

Aluminium is following an upside trend and it looks like it will continue with bullish sentiment today. As mentioned yesterday, traders are following the sentiments and investing. We could clearly see a green trade since morning.

Aluminium has a strong support around 149.50 on MCX and it will see a strong upside. Read here

Looking at individual metals

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Copper

Copper defines global trends and we see Copper trading at support levels. It seems investors have no faith in buying Copper and there is a pressure from sellers.
Copper has been testing support levels again & again. Upside movement is been restricted. With decline in rupee and no solution to trade war, there will be restrictions.
For intraday, I am bullish on Copper and would advise a long position. Buy Copper at 422 for target of 425 and SL of 420.

Aluminium

Aluminium has been bullish or quite some time and I see some profit booking in today’s trading session. I would advise short Aluminium for Intraday at 154 with target of 152 and SL of 155. This would be high risk traders. Market sentiments are positive and overall we could 157 in upcoming sessions but a slight profit booking could be encountered.

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