Base metals
Date: 17.01.2012
Goldennifty says:
MCX Aluminum may note some gains tracking international markets. Prices may seek support from recent production cuts and jump in cancel warrants at LME warehouses however rising stocks at exchange warehouses may cap the upside. Stocks at LME fell by 3,100 tons yesterday but hover near life time high of 49,83,175 tons while cancelled warrants stood at 14.89%. Support for Aluminum January contract is seen at Rs.109.5 while resistance of Rs.112.5.
MCX Zinc may note some gains tracking copper prices. However, higher stocks at LME warehouses coupled with lack of demand in physical markets may cap the upside. Stocks at LME fell by 775 tons yesterday while those at SHFE rose by 1,644 tons. Support for MCX Zinc January contract is seen at Rs.99.5 while resistance is seen at Rs.102.5.
MCX Nickel may note some gains tracking international exchanges, however the upside remains capped. Supporting prices is firmness in copper prices, weakness in US Dollar and firmness in Asian equities. Also lending support to the prices is lower stocks at exchange warehouses, however lower cancelled warrants ratio is signaling dip in physical demand. Stocks fell by 228 tons yesterday after gaining by 2,622 tons last week, while cancelled warrants stood at 2.35%. Support for MCX Nickel January contract is seen at Rs.985 while resistance is seen at Rs.1025.
MCX Lead may note some gains tracking firmness in copper prices. Also lending support is higher replacement demand in winter and higher cancelled warrants ratio at LME warehouses. Stocks at LME fell by 300 tons yesterday while cancelled warrants hovered at 8.75%. Support for MCX Lead January contract is seen at Rs.103.5 while Resistance is seen at Rs.106.5.
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