In base metals pack some profit booking can be seen as outcome of fed meeting to give further direction to the prices. Copper may move in the range of 322-326. Lead can hover in the range of 131-134. Zinc may move in range of 152-154. Nickel may move in the range of 680-695 in MCX. Aluminum can move in the range of 104-106 in MCX.
London copper eased on Wednesday from four-week highs as the dollar rose ahead of key decisions by the Japanese and U.S. central banks, but expectations of a pick-up in demand from China underpinned prices. Zinc has risen for a second day after two weeks of losses, supported by speculators betting on shortages and an uptick in Chinese demand for industrial metals. China's refined zinc output fell by 2.8 per cent in August, as smelters face lower processing fees, suggesting they will have to import more refined metal.
Courtesy: Smc Comtrade