Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Base metals prices traded higher on Monday paring previous losses in the morning trade as global vaccine roll-outs boosted investment sentiments into riskier assets, shared Tapan Patel, Senior Analyst (Commodities), HDFC Securities.


Copper prices are in a strong bull run supported by robust demand from China. The copper inventories at Shanghai Futures Exchange (SHFE) fell by 15,691mt to a six-year low which may result copper prices to trade higher.


Zinc and nickel prices rallied on resumption of Brexit talks while copper prices showed signs of uptick on Monday. Base metals are expected to trade sideways to up for the day supported by weaker dollar.


MCX Copper December support lies at Rs601 and resistance at Rs610. MCX Zinc December support lies at Rs215, resistance at Rs221. MCX Nickel December support lies at Rs1,290 with resistance at Rs1,340.


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