Base metals complex may trade sideways with upside bias as Nickel may continue to head higher. China's exports denominated in yuan fell 3.2 percent in October from the same period a year earlier, the General Administration of Customs said on Tuesday. China’s exports fell, adding to depreciation pressures on the nation’s currency and leaving policy makers reliant on domestic growth engines to hit their economic expansion goals.
Overseas shipments dropped 7.3 percent from a year earlier in October in dollar terms while imports slipped 1.4 percent and trade surplus widened to $49.1 billion. Copper may move in the range of 337-345. Lead can hover in the range of 139-141. Zinc may move in range of 163-166. Nickel may move in the range of 740-765 in MCX.
Aluminum can move in the range of 114-116 in MCX. Copper has reached its highest price since March after the FBI cleared US presidential candidate Hillary Clinton of wrongdoing after further investigation of her email practices, boosting global markets before Tuesday's election. Nickel has not appreciated as much as zinc has on a percentage basis so far this year and many are banking on the metal to make a more substantial move in 2017.
Courtesy: Smc Comtrade