Base Metals: Base metals can trade on volatile path
with short covering at lower levels can be seen as investors will eye
euro zone GDP and US factory orders scheduled later today. Copper may
trade in range of 428-435 in MCX while zinc may trade in range of
109-111 and Lead in range of 121-123.50. Nickel may trade in range of
905-921 in MCX and Aluminum can trade in range of 107-108.50.
Copper rose for a third day as a better-than-estimated service-sector growth in the U.S., the world’s second-biggest user of the industrial metal, boosted the demand outlook. Aluminum, zinc and lead also advanced. In the U.K. services unexpectedly accelerated last month, while euro-area services output shrank less than initially estimated. Earlier this week, China held a target for economic growth at last year’s level, supporting the demand prospect in the world’s biggest consumer of the metal
Copper rose for a third day as a better-than-estimated service-sector growth in the U.S., the world’s second-biggest user of the industrial metal, boosted the demand outlook. Aluminum, zinc and lead also advanced. In the U.K. services unexpectedly accelerated last month, while euro-area services output shrank less than initially estimated. Earlier this week, China held a target for economic growth at last year’s level, supporting the demand prospect in the world’s biggest consumer of the metal
Copper prices pushed higher on Tuesday, as investors looked ahead to key data from China later in the week.
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