Copper, zinc, aluminium to move up

It seems base metals are on an upswing with several countries, including Indian and China, revising their growth targets upwards.
India¡¯s Central Bank on Monday said its forecast for India¡¯s growth rate has been revised to 6.5 per cent. China is also expected to grow better than anticipated levels.

With the forecast favouring  increased demand for metals like copper, zinc, aluminium and lead, the base metals markets witnessed rejuvenated acitivities for the past few days.

Copper traded at 9-month high on Monday. Aluminium was at 8-month high and Nickel and Zinc were also trading at 10-month high.

Lot of global and domestic analysts feel it is still a buying opportunity especially in case of Copper and Zinc and prices are expected to gain another 5-10% from here on.

In Shanghai, copper and aluminium both trade on upper limit on Monday. All the base metals are at 2009 highs and will continue to belike that for more than a week now.

Copper is trading at 9 month highs even though the inventories are also at one month highs, aluminium is at 8 month high and nickel and Zinc are also trading at 10 month highs.

Even though the analyst have been talking about that expectation of prices decline as summer demand usually is on the weaker side and China has enough inventories but even then Chinese imports continued to be on the record  highs and there have been this hopes of economic recovery which have been supportive for the prices.

Lot of global and domestic analysts feel it is still a buying opportunity especially in case of copper and zinc and prices are expected to gain another 5-10% from here on.

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