Huge short covering favored Lead At MCX

Huge short covering favored Lead At MCX

Battery material MCX Lead augmented at Rs 102.65 per kg, up 2% or Rs 2.05 on Tuesday, 21st February with its intraday high at Rs 102.9 per kg and low at Rs 100.95 per kg.
Huge short covering was seen in Lead with 13.4% dip in its open interest to 9320 lots and volume traded stood at 20,07 lots compared to 10,149 lots traded last day. The contrat traded above 100 day EMA and RSI stood at 43.67.
MCX  Lead is likely to find support at Rs 101.7 per kg to Rs 100.8 per kg while resistance at Rs 103.3 per kg to Rs 104.3 per kg on Wednesday, 22nd February. Depreciation in Rupee also favored metal to end gains.
At LME, Lead gained 1.6% to $2086 per tonne for the third consecutive day on Tuesday. The euro zone finance ministers ratification if second bailout fund to Greece favored the sentiment. The decline in LME Lead inventories by 1850 tonnes to 375,975 tonnes aldo added to the optimistic note.

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