August 07, 2023 / 11:53 AM IST

Sensex Today | Saish Sandeep Sawant Dessai, Research Associate, Base Metals, Angel One:

After ending the previous week on a higher note, the base metals in the recently concluded week gave up their gains, as it ended on a lower note.

Copper prices, despite touching a one-month high on the optimism of Chinese stimulus, faced concerns surrounding weak manufacturing data in China, which tempered the gains.

A softer U.S. dollar initially supported sentiment, but its rebound later impacted the market. The rally in copper prices in July, driven by China’s economic measures, suffered setbacks from discouraging PMI and construction data.

Lingering doubts over China’s interventions, coupled with a stronger dollar, had an impact on base metals. The sector witnessed varying trajectories amid market uncertainties and global economic dynamics.

OUTLOOK: Uncertainties over the postponed stimulus plan are expected to put downward pressure on metal prices, limiting possible gains in metals.

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