Base metals sizzle as gold struggles

摘要

Lead and Zinc continued to be at the centre stage building up further gains last week. It is quite likely that lead and zinc prices may continue the upward march this week. However, as it has been quite a while since we saw both these metals in the current price ranges, it would be interesting to see how the price action develops further. Nickel prices finished the week under 8,800 dollars/ton and eyes the key 9,000 dollars/ton level. Three months aluminium prices traded below 1,400 dollars/ton at middle of the last week but finished the week at 1,405 dollars/ton. Copper witnessed whipsaw action with prices once again failing to cross the psychological 1,750 dollars/ton. The positive momentum in base metals prices is still intact and we may see further gains this week, although a brief consolidation in the near term can't be ruled out. The key numbers to watch are 1,750 dollars/ton for copper and 9,000 dollars/ton for nickel on the upside.