According to Motilal Oswal, Base metals were under pressure for much of last week after some choppiness in the dollar.
Motilal Oswal’s report on Base Metals Weekly
Base metals were under pressure for much of last week after some choppiness in the dollar. Copper dropped to a one-week low leading the first weekly loss on the LME in the last 5 weeks as dollar index rebounded after a steep drop against the euro in the previous session and headed for its best week since mid-May and this is what is having a huge impact on copper.
Looking at current price levels, it seems that most of the positive news has already been factored in while negative factors lack the element of shock. Considering this, we believe that the metals pack may see consolidation at current levels with upside bias intact. US elections later this year, however, remain a major risk factor.
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First Published on Sep 16, 2020 03:58 pm