Date : 22.02.2012
MCX COMMODITY LIVE NEWS
MCX Copper may note some gains tracking international exchanges, however the upside remains capped. MCX copper is trading slightly up in early trades today after rallying more than 3% yesterday. Supporting prices is easing concerns over Greece default. Also lending support is easing monetary policy by China and falling stocks at LME warehouses. Copper stocks at LME warehouses fell by 450 tons yesterday to lowest level since September 2009 while cancelled warrants hovered jumped to 28.7%, signaling strong physical demand. The gains may however be capped as caution over debt crisis in Euro Zone prevail. Also capping the upside is contraction in China`s HSBC PMI coupled with lack of physical demand in China and record high stocks at SHFE warehouses. Further prices may come under pressure amid choppiness in US Dollar and global equities. Prices will further track economic releases and its impact on global currency and equity markets. As for today focus will be on Euro Zone Flash Manufacturing and Services PMI, Industrial Orders and US Existing Home Sales. Support for February copper is seen at Rs.412 while resistance is seen at Rs.424.
MCX Aluminum may note some gains tracking copper prices, however the upside remains capped. Prices may seek support from talks of production cuts however record high stocks at LME may cap the upside. Stocks at LME rose by 8,725 tons yesterday to hit new high of 51,25,800 tons while cancel warrants rose to 31.23% Also stocks at SHFE rose by 5,278 tons last week. Support for Aluminum February contract is seen at Rs.107.5 while resistance of Rs.111.
MCX Zinc may not some gains tracking copper prices. However higher stocks at LME warehouses coupled with lack of demand in physical markets may continue to weigh on the prices. Stocks at LME rose by 475 tons yesterday while those at SHFE rose by 4126 tons last week. Also according to the latest monthly bulletin from the Lisbon-based International Lead and Zinc Study Group (ILZSG), the global zinc market was in surplus by 353,000 tons in 2011. Support for MCX Zinc February contract is seen at Rs.98.5 while resistance is seen at Rs.102.
MCX Nickel may note some gains tracking international markets, however the upside remains capped. Lending support is firmness in copper prices and talks of production cuts by BHP Billiton. However the gains may be capped amid choppiness in US Dollar and equities, rising stocks at LME warehouses and waning demand from top consumer China. Stocks rose by 492 tons yesterday. Support for MCX Nickel February contract is seen at Rs.985 while resistance is seen at Rs.1,025.
MCX Lead may note some gains tracking copper prices. Also lending support is higher replacement demand for lead based batteries as Europe witnesses` cold snap. The gains may however be capped amid recent jump in stocks at LME and higher surplus in physical markets. Stocks at LME fell by 1850 tons yesterday while cancelled warrants eased to 10.7%. Also according to the latest monthly bulletin from the Lisbon-based International Lead and Zinc Study Group (ILZSG), the global lead market was in surplus by 156,000 tons in 2011. Support for MCX Lead February contract is seen at Rs. 101.5 while resistance is seen at Rs.105.5.
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