In base metals pack copper may dip lower while Nickel and zinc may open in green as China markets reopen after holidays. Copper may move in the range of 320-326. Lead can hover in the range of 129-131. Zinc may move in range of 148-150. Nickel may move in the range of 646-665 in MCX. Aluminum can move in the range of 104-106.50 in MCX. London copper dropped nearly 1 percent on Monday while London nickel jumped in volatile trade as Chinese markets returned from an extended autumn break.
LME nickel jumped 2.2 percent to $9,940 a tonne, paring last week's losses of 6.2 percent as investors rushed to cover short positions. LME zinc climbed around 1 percent. The U.S. Federal Reserve is set for a lively debate in the coming week and could give a clear signal of an interest rate rise to come even if it follows market expectations for a pause this month. Hedge funds and money managers reduced their net short positions in COMEX copper contracts in the week to Sept. 13, U.S. Commodity Futures Trading Commission data showed on Friday.
Courtesy: Smc Comtrade