Huge Short Selling Hammered Lead At MCX
Time : 10.55, Jan 9, 2012
On Monday, 9th January, MCX Lead is likely to find support at Rs 102.4 per kg to Rs 101.4 per kg and resistance at Rs 104.5 per kg to Rs 106 per kg. The huge short selling during the last week might help the Lead to end with some gains during the week with short sellers covering their positions amidst any tentative news out of major economies such as US, Europe and China.
On Friday 6th January, Lead ended lower by 2.2% or Rs 2.35 at Rs 103.7 per kg with its intraday high at Rs 106.35 per kg and low at Rs 103.3 per kg. Huge short selling was seen in Zinc with 73% rise in its open interest to 4176 lots and volume traded stood at 21,105 lots compared to 17,839 lots traded last day. Appreciation in rupee curbed huge losses in the metal. At LME, Lead ended lower by 2.1% to $1995 per tonne.
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