MCX Lead Above 140 Target 149—154, Buy on Dips – Base Metal Reports
MCX Aluminium Above 125 Target 138—142, Buy on Dips – MCX Tips – Rocking
MCX Aluminium settled up 0.92% at 132.05 gained on short covering regained its majority of losses from the end of the CNY holiday despite much improvement in fundamentals. Support is seen in hopes of a trade deal between China and the United States.
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As U.S. President Donald Trump said talks with China, currently taking place in Washington, were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a “magical” date.
Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 per cent from 10 per cent by March 1 if there is no deal, which analysts expect would weigh on metals demand and prices. In Base metals, last night base metals traded higher across the board.
Nickel increased by 1.77%, copper climbed 1.22%, zinc gained by 1.20% while lead and aluminium advanced 0.92%. The US dollar index rose on Wednesday as the Fed’s latest policy meeting appeared more hawkish than the market had expected.
The Federal Reserve said the US economy and its labour market remained strong, growing some expectations of at least one more interest rate hike this year. The Fed also emphasised the need for patience over monetary policy.
