According to Motilal Oswal, Industrial metals got a booster shot last week, with most metals surging to multi month highs after a brief correction.
Motilal Oswal's report on Base Metals Weekly
Industrial metals got a booster shot last week, with most metals surging to multi month highs after a brief correction. President Trump’s changing stance over the Covid relief package is keeping the prices volatile. Support comes in form of falling dollar which slid to its lowest in nearly three weeks and China back from holiday. Trump said talks with Congress about further financial aid for the U.S. economy hit by the COVID-19 crisis had resumed, after he ended negotiations earlier last week.
After the recent run up and continued change in stance from the US President, view for this week will be bullish - but with caution. For the week focus markets will also scrutinise loans, total social financing and trade data due next week from China, which accounts for about half of global consumption of industrial metals.
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