Gold Silver Reports – Copper and All Base metals may witness bounce back at lower levels. Copper may move in the range of 303-315. Lead can hover in the range of 112- 119 while zinc can move in the range of 120-126.
Nickel may move in the range of 560-580 in MCX. Aluminum can move in the range of 102-105 in MCX. Copper has steadied alongside the US dollar although some analysts expect prices to retreat further as the market fully digests prospects for weak demand growth in top consumer China.
The sell-off in copper started last week due to a stronger US currency, which makes dollar-denominated commodities more expensive for non-US firms, and as weak manufacturing data from China raised doubts about demand.
Chinese trade data over the weekend reinforced those doubts. Copper is down nearly 7% so far this month. Stocks of copper in warehouses monitored by the Shanghai Futures Exchange are down from record highs in the middle of March, but at above 310,000 tonnes are still up about 75 per cent since the start of 2016. – Neal Bhai Reports
