Golden Investment Research (P) Limited
MCX Copper may open on a lower note however the bias remains positive. LME copper is trading slightly higher in early trades today after a weaker session yesterday. Supporting prices is 12.6% jump in Chinese Copper import data. Also lending support to the prices is hopes of robust demand from US amid slew of positive macro economic data from the region. Prices may further seek support from firmness in equities, slight retreat in US Dollar and falling stocks at LME. Stocks at LME fell by 1,225 tons yesterday after declining by 2,775 tons last week while cancelled warrants hovered near 11% signaling strong physical demand. The gains may however be capped amid persisting worries over debt crisis in Euro Zone. As there is no major economic data today prices will track movement in global currency and equity markets. Support for February copper is seen at Rs.394 while resistance is seen at Rs.405.
MCX Aluminum may note some decline tracking copper price, however the upside remains capped. Prices may seek support from recent production cuts and jump in cancel warrants however record high stocks at LME warehouses may cap the upside. Stocks at LME fell by 4525 tons yesterday after hitting life time high of 49,83,175 tons on last Wednesday while cancelled warrants jumped to 15%. Support for Aluminum January contract is seen at Rs.107.5 while resistance of Rs.111.5.
Zinc- MCX Zinc may note some decline tracking international markets. Higher stocks at LME warehouses may weigh on the prices. Stocks at LME fell by 875 tons yesterday after declining by 1,625 tons last week while those at SHFE rose by 1,577 tons. However firmness in copper prices may lend support to Zinc prices. Support for MCX Zinc January contract is seen at Rs.96 while resistance is seen at Rs.99.5.
MCX Nickel may open on a lower note however bias remains positive. Prices may seek support from firmness in copper prices, slight retreat in US Dollar and firmness in equities. Also lending support to prices is lower stocks at exchange warehouses. Stocks were unchanged yesterday after falling by 210 tons last week. Support for MCX Nickel January contract is seen at Rs.975 while resistance is seen at Rs.1015.
Lead- MCX Lead may note some decline tracking international exchanges. Weighing on prices is dip in cancelled warrants ratio at LME warehouses. However the downside may be capped amid higher replacement demand in winter and falling stocks at exchange warehouses. Stocks at LME rose by 1,100 tons yesterday after declining by 3,300 tons last week while cancelled warrants ratio eased to 6.65% from almost 9.5% 10 days ago. Support for MCX Lead January contract is seen at Rs.101 while resistance is seen at Rs.105.
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