Base Metals Weekly Report: Motilal Oswal
According to Motilal Oswal, Base metals have been on a roll for much of 2021 and metals which were under dogs in 2020 are the ones leading the pack.
September 14, 2021 / 07:39 PM IST
Motilal Oswal's report on Base Metals Weekly
Base metals have been on a roll for much of 2021 and metals which were under dogs in 2020 are the ones leading the pack. Copper did incur some losses from the peak of the year, but the momentum has started to catch up once again. Fall in warehouse stocks is one of the driving factors, where copper Shanghai stocks fell 10.7% from the previous week to below 62000 tons, sinking to their lowest level in almost 10 years as tight supplies push metal prices higher.
Overall, metals have had a good run up, and incremental gains from here in select metals will be a challenge. We remain focussed on the medium term trend, while the short term bias is driven by rapid change in micros for the metals. Overall active labour negotiations and easing in Chinese restrictions if any could cap the gains.
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