Market and product
Base metals hit by weak physical demand, equities
However, bulls are waiting for the lower levels in base metals to buy. Crude prices are trading weak at present. Crude prices are present trading near 104.25 USD per barrel. Higher crude prices may lead to higher inflationary situation in the world and may dampen global economic recovery. If Crude prices remain weak or fall further, selloff in the metals may stop and base metals may stabilise at present levels.
LME 3 Month Copper last traded at USD 9425 a tonne. While 3 Months Lead and Nickel on LME last traded at USD 2535 per tonne and USD 26772 per tonne respectively. At LME, 3 Month Aluminium last traded at 2562 a tonne. Zinc 3 Month LME contract was trading at 2441 per tonne.
LME 3M Copper prices are likely to rise from the present levels and may test 9600-9700 levels in the next few trading sessions. While 3M Lead and Nickel could touch 2625-2650 and 27250-27750 levels in the next few trading days.
Metals may find its direction from global equity markets and currency movements in the next couple of weeks.
