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

Prices of zinc at LME gained 3pc, nickel 2pc while copper rose 2pc in the week ending August 21. Base Metals Senior Analyst (Commodities) Tapan Patel shared the base metal trend for the week with Davis Index. 


Base metals complex gained the most during the week as zinc and copper led from the front. Zinc prices gained the most on strong demand recovery. LME nickel prices followed the cues on expectations of higher demand for EV batteries while copper prices rose due to fear of supply disruption and demand growth optimism.


Copper prices witnessed correction on Friday with dollar recovery and BREXIT concerns on stalled talks over UK-EU negotiations. The expectations of lower supply estimates from world’s top miners may continue to support copper prices to trade higher in medium term.


LME copper prices are struggling to sustain above the key resistance of $6,645/mt. The breakout may lead prices towards $6,800/mt in the medium term. 


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