Base metals complex gained some ground on the expectations of fresh buying following better than expected U. S. Consumer Confidence Index data.

Copper: The counter have breached the resistance at 300 levels and have made a fresh high of 310 yesterday. The counter is in a Bullish phase with continuously rising ADX and RSI is maintaining above the MA. Thus one can buy at dips and avoid selling at this level.

Nickel prices have also made a new high of 1022.4, but closed mid-ways. The counter looks Bullish with rising RSI and ADX. Prices are expected to remain positive above
947. Thus one can buy on dips for higher targets.

Aluminium: Aluminium prices also have rallied up higher yesterday but resisted the earlier high of 99.4 in the last week. The RSI have picked up with rise in prices for past two sessions. But there exist a mixed trend, as ADX is seen dropping from 3-4 sessions, while +DI have risen with yesterday’s upside in prices. Thus fresh buying can be done only above 99.5, while breaching 92.5 can trigger downside in the counter.