Base metals have been following a confused trade with Rupee
falling and slow international markets. Last week was mixed for all base metals
and few trading sessions were green.
Not much has changed since last week. With no solution on
trade war between US-China, analyst have mixed thoughts about base metals
Looking at individual base metals
Copper
Copper has been trading range bound for some time now and we
expect the trend to continue. The market might turn bearish depending on the
fundamentals but for intraday today, initiating short is advisable.
I would recommend initiating short at 424 with target of 419
and SL of 427. Another trade could be buying above 427 for target of 432 and SL
of 424. Although, market is bearish and sellers will dominate
Zinc
Not much has changed for Zinc. We saw a deficit in Zinc inventories
last week and that didn’t impact the prices much. We saw a short rally on MCX
but on Friday, Zinc was again seen trading at 174. It is advisable to short
Zinc at 175.50 or target of 173 and SL of 176.
Aluminium
Aluminium has been a stable counter and traders gave bullish
views despite heavy trade tensions. For intraday, we can see Aluminium prices
following bearish trend.
I would advise a short at 147.50 with short target of 146 and SL of 148.50
Nickel
Nickel has been trading at lower levels and we can see a
bottom out level. I would advise to be a long position and make profit.
Buy Nickel at 885 for target of 910 and SL of 850.
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