Nickel- MCX Nickel may note some decline tracking international exchange. Weighing on prices is slight rebound in US Dollar and choppiness in global equities. The downside may however be capped amid falling stocks at LME warehouses. Stocks fell by 780 tons last week. Support for MCX Nickel December contract is seen at Rs.940 while resistance is seen at Rs.990.
Lead- MCX Lead may note decline tracking international exchanges. The downside may however be capped amid falling stocks at exchange warehouses. Stocks at LME fell by 1,075 tons yesterday after declining by 5,225 tons last week while cancel warrants stood above 12% signaling strong physical demand. Also those at SHFE fell by 2976 tons or 6.5% last week. Support for MCX Lead December contract is seen at Rs.109.5 while Resistance is seen at Rs.113.5.
Copper- MCX Copper may note decline tracking international exchanges. Prices may come under pressure amid growing uncertainty over Euro Zone after two day long summit last week failed to ally fears over debt crisis in the region. Also weighing on prices is choppiness in global equities and slight rebound in US Dollar. The downside may however be capped amid rising copper imports in China signaling robust demand from the region. China`s copper import rose 17.9% in November to 452,022 tons. Also supply disruption due to three month long strike at world`s second largest copper mine coupled with falling stocks at exchange warehouses may lend support to the prices. Stocks at LME fell by 2075 tons last week. However those at SHFE rose by 15,057 tons last week. As there is no major economic data today prices will track movement in global equity and currency markets. Support for February copper is seen at Rs.400 while Resistance is seen at Rs.412.
Aluminum- MCX Aluminum may note some decline tracking international exchanges. Putting pressure on prices is weakness in copper prices and recent gain in stocks at LME and SHFE warehouses. Stocks at LME rose by 34,075 tons last week while those at SHFE rose by 6,948 tons. Support for Aluminum December contract is seen at Rs.106 while resistance of Rs.109.5.
Zinc- MCX Zinc may note some decline tracking international exchanges. Putting pressure on prices is weakness in copper prices and recent gain in stocks at LME and SHFE warehouses. Stocks at LME rose by 20,100 tons last week while those at SHFE rose by 5,009 tons. Support for MCX Zinc December contract is seen at Rs.101 while resistance is seen at Rs.105.5.
Steel- NCDEX Steel may trade sideways with a negative bias amid mixed global cues and lack of demand in domestic markets. Support for NCDEX Steel December contract is seen at Rs.31,000 while resistance is seen at Rs.32,000.
Lead- MCX Lead may note decline tracking international exchanges. The downside may however be capped amid falling stocks at exchange warehouses. Stocks at LME fell by 1,075 tons yesterday after declining by 5,225 tons last week while cancel warrants stood above 12% signaling strong physical demand. Also those at SHFE fell by 2976 tons or 6.5% last week. Support for MCX Lead December contract is seen at Rs.109.5 while Resistance is seen at Rs.113.5.
Copper- MCX Copper may note decline tracking international exchanges. Prices may come under pressure amid growing uncertainty over Euro Zone after two day long summit last week failed to ally fears over debt crisis in the region. Also weighing on prices is choppiness in global equities and slight rebound in US Dollar. The downside may however be capped amid rising copper imports in China signaling robust demand from the region. China`s copper import rose 17.9% in November to 452,022 tons. Also supply disruption due to three month long strike at world`s second largest copper mine coupled with falling stocks at exchange warehouses may lend support to the prices. Stocks at LME fell by 2075 tons last week. However those at SHFE rose by 15,057 tons last week. As there is no major economic data today prices will track movement in global equity and currency markets. Support for February copper is seen at Rs.400 while Resistance is seen at Rs.412.
Aluminum- MCX Aluminum may note some decline tracking international exchanges. Putting pressure on prices is weakness in copper prices and recent gain in stocks at LME and SHFE warehouses. Stocks at LME rose by 34,075 tons last week while those at SHFE rose by 6,948 tons. Support for Aluminum December contract is seen at Rs.106 while resistance of Rs.109.5.
Zinc- MCX Zinc may note some decline tracking international exchanges. Putting pressure on prices is weakness in copper prices and recent gain in stocks at LME and SHFE warehouses. Stocks at LME rose by 20,100 tons last week while those at SHFE rose by 5,009 tons. Support for MCX Zinc December contract is seen at Rs.101 while resistance is seen at Rs.105.5.
Steel- NCDEX Steel may trade sideways with a negative bias amid mixed global cues and lack of demand in domestic markets. Support for NCDEX Steel December contract is seen at Rs.31,000 while resistance is seen at Rs.32,000.
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