Base metals pack may open on positive path. Copper may move in the range of 318-325. Lead can hover in the range of 121-123 while zinc can move in the range of 142 -144. Nickel may move in the range of 660-689 in MCX. Aluminum can move in the range of 110-112 in MCX.
London copper and nickel rose for a third day on Tuesday after investors took heart from a robust U.S. labour report, while expectations of more stimulus in China fed appetite for metals. Investors are turning increasingly positive on LME nickel after a crackdown on mining in the Philippines.
LME nickel rose 0.7 percent and was climbing towards its 4 July top of $10,410 a tonne, which was its loftiest since last October. Shfe nickel rallied 1.5 percent. Alcoa Inc (NYSE:AA) on Monday reported a lower quarterly net profit, with falling aluminum and alumina prices pressuring revenue while plant operations have been scaled back ahead of a spinoff of its traditional smelting business later this year. China vehicle sales climbed 14.6 percent to 2.1 million units in June compared with last year, according to the China Association of Automobile Manufacturers.