Base metals may remain downbeat on China

Base metals may remain downbeat on China

Gold Silver Reports — Base metals may remain downbeat on China slowdown concerns .Copper may move in the zone of 305-315.

Lead can hover in the zone of 112-117 while zinc can move in the zone of 123 -128. Nickel may move in the zone of 575-605 in MCX. Aluminum can move in the zone of 102-105 in MCX.

Copper futures swung between gains and losses as investors weighed improving U.S. construction against concern about mounting debt amid slowing growth in China, the world’s biggest user.

Aluminum dropped on the London Metal Exchange after also gaining as much as 1.1 percent following a meeting at which Chinese President Xi Jinping urged local authorities to push ahead with plans to cut capacity in basic industries. Chinese President Xi Jinping has stressed in two separate speeches the government would not encourage debt-fuelled growth and its priority was introducing structural reforms.  — Neal Bhai Reports

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