LME base metals continue to tread lower, in light of expansion in
supply, mounting stockpiles and doubts about end-user demand in China,
the world’s largest metal’s consuming nation. Copper prices have
breached the crucial support of USD 7,500/ton and can retest the 2012
low of USD 7,219/ton. Strengthening US dollar is also weighing on the
complex. US dollar index has rebounded back above 83, deriving cues from
improving macroeconomic tone in US.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg.
MCX Zinc (April)Price indication: Prices have support at Rs 99.2/kg and resistance at Rs 102/kg
MCX Nickel April : Sell around 890 levels with a stop loss placed above 902 levels for targets of 870 levels.
MCX Lead April : Sell around 112 levels with a stop loss placed above 113 levels for targets of 110 levels.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg.
MCX Zinc (April)Price indication: Prices have support at Rs 99.2/kg and resistance at Rs 102/kg
MCX Nickel April : Sell around 890 levels with a stop loss placed above 902 levels for targets of 870 levels.
MCX Lead April : Sell around 112 levels with a stop loss placed above 113 levels for targets of 110 levels.
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