Base metals can open in red tracking subdued international markets as US home sales data to give further direction to the prices. Copper may move in the range of 325-330. Lead can hover in the range of 126-129. Zinc may move in range of 150-152.50. Nickel may move in the range of 700-712 in MCX.
Aluminum can move in the range of 107.50-110 in MCX. London nickel eased on Monday as the market took a breather after climbing for the past five consecutive sessions to a six-week high on concerns over the possibility of more mine suspensions in the Philippines. A dozen more Philippine mines, mostly nickel projects, are in danger of being suspended when the government announces the results of its audit on Tuesday.
The Philippines has already halted the operations of 10 mines, eight of them nickel producers, since it launched an audit in July. China's nickel ore imports in August climbed to a 13-month high of 4.3 million tonnes, as traders stock up in anticipation of a supply crunch.
Courtesy: Smc Comtrade