Basemetals Updates : Aluminium| Copper| Lead |Nickel |Zinc : 15.11.2019
Base metals may trade with sideways bias. Base metals prices in London broadly rose on Friday as signs of progress in the U.S.- China trade talks raised hopes for an interim deal that could help demand for industrial metals.
China and the United States are holding “in-depth” discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.
Copper may recover towards 441 while taking support near 437. Copper stocks on LME-approved warehouses fell to a five-month low, while inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) picked up last month but are still down 43% from a 2019 peak in March.
While zinc can dip lower as it can test191 while taking resistance near 195. Lead may trade sideways as it can take support near 153 and resistance near 156.
Nickel may dip lower towrads1115 while facing resistance near 1140. Aluminum may dip lower towards 131 while taking resistance near 134.
Aluminum Corp of China Ltd , known as Chalco, is set to make its first shipment from Boffa’s bauxite mine in Guinea by early December, an official from state parent company Chinalco said on Thursday.
China and the United States are holding “in-depth” discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.
Copper may recover towards 441 while taking support near 437. Copper stocks on LME-approved warehouses fell to a five-month low, while inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) picked up last month but are still down 43% from a 2019 peak in March.
While zinc can dip lower as it can test191 while taking resistance near 195. Lead may trade sideways as it can take support near 153 and resistance near 156.
Nickel may dip lower towrads1115 while facing resistance near 1140. Aluminum may dip lower towards 131 while taking resistance near 134.
Aluminum Corp of China Ltd , known as Chalco, is set to make its first shipment from Boffa’s bauxite mine in Guinea by early December, an official from state parent company Chinalco said on Thursday.