Gold Silver Reports ~ Base metals may trade sideways on mixed fundamentals. Copper MCX may trade in range of 332-342. Lead MCX may move in range of 122-126. Zinc MCX may move in range of 118 -124. Nickel MCX may move in range of 570-620 in MCX. Aluminum MCX may move in range of 104-108. Copper MCX, zinc MCX and other base metals rebounded as speculators piled back into the market on hopes more production cuts would lead to shortages and that top metals consumer China would introduce more economic stimulus measures.
Rates are being driven by sentiment and momentum at the moment, but on a longer-term basis it is also being driven by the expectation that production will be cut, in some cases considerably, and China will probably continue to keep its economy alive with its stimulus programme. Nickel mcx drew support from news that nickel ore producers in the Philippines, the top supplier to China, have agreed to cut output and shipments this year by as much as 20 per cent. ~ Neal Bhai Reports