Today Basemetal Report : 20.11.2019
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Base metals may trade with sideways to weak bias. Copper may dip towards 434 while taking resistance near 440. London copper edged lower on Wednesday amid conflicting signals on the Sino-U.S. trade talks, but Shanghai copper jumped to its highest in more than a week after China’s central bank vowed to step up credit support to prop up the slowing economy.
China accounts for nearly half of global copper consumption, estimated at around 24 million tonnes this year. Freeport McMoRan Inc expects treatment and refining charges for copper concentrates in 2020 to be “well below” last year’s levels as Chinese smelting capacity is expected to rise.
The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end the trade war, U.S.
President Donald Trump said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide. While zinc can dip towards 188 as it can face resistance near 192. Lead may trade sideways as it can take support near 153 and resistance near 155. Nickel may dip lower towrads 1075 while facing resistance near 1110. Aluminum may slip lower 130 while facing resistance near 133.