Base metals pack may trade sideways bias as US consumer confidence data to give further direction to the prices. Copper may move in the range of 306-313. Lead can hover in the range of 124-126. Zinc may move in range of 155-157. Nickel may move in the range of 650-670 in MCX.
Aluminum can move in the range of 108-111 in MCX. London copper rose on Tuesday as risk appetite grew on bets of further easing by the world's central banks after a meeting in Jackson Hole, Wyoming at the weekend, and as London markets reopened after a long holiday break.
Federal Reserve policymakers are signaling they could raise U.S. interest rates soon but they are already weighing new tools they may need to fight the next recession. China's parliament has proposed increasing tax benefits for companies that cut pollution by more than the national standard, state media reported on Monday, the first details of a much-anticipated new code aimed at curbing the country's emissions.
Courtesy: Smc Comtrade