MCX COMMODITY NEWS 18 APR 2012
DATE: 18/04/2012
Copper- MCX Copper may note some gains tracking international exchanges, however the upside remains capped. LME Copper is trading slightly higher in early trades today amid easing worries over debt crisis in Euro Zone after successful bond auction by Spain. Also lending support is positive macro-economic data from Euro Zone coupled with International Monetary Fund`s projection of faster global economic growth. Prices may further seek support from increase in risk appetite, firmness in global equities and falling stocks at LME warehouses. Stocks fell by 625 tons yesterday however cancelled warrants eased to 24.68%. The gains may however be capped amid choppiness in US Dollar and mixed economic from US. Also uncertainty over demand from top consumer China may continue to cap the prices. As there are no major economic releases due today prices may track movement in global equity and currency markets. Support for April copper is seen at Rs.412 while resistance is seen at Rs.421.
Aluminum- MCX Aluminum may note some gains tracking international exchanges, however the upside remains capped. Prices may come under pressure jump in stocks at LME. Stocks at LME rose by 34625 tons yesterday and continue to hover around record high levels. Support for Aluminum April contract is seen at Rs.104.5 while resistance of Rs.108.5.
Zinc- MCX Zinc may note gains decline 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 10,250 tons yesterday to hit 17 year high levels. Also according to the latest monthly bulletin from Lisbon-based International Lead and Zinc Study Group (ILZSG), the global zinc market was in surplus by 64,000 tons in the first two months of the year. Support for MCX Zinc April contract is seen at Rs.101 while resistance is seen at Rs.105.
Nickel- MCX Nickel may note some gains tracking international exchanges, however the upside remains capped. Supporting prices is firmness in equity markets and falling stocks at LME warehouses; however choppiness in US Dollar may cap the upside. Stocks fell by 474 tons yesterday after declining by 1758 tons last week. Support for MCX Nickel April contract is seen at Rs.900 while resistance is seen at Rs.940.
Lead- MCX Lead may some gains tracking copper prices. Also lending support is recent jump in cancelled warrants and falling stocks at LME coupled with expectation of robust demand from China. Stocks at LME fell by 425 tons yesterday after declining by 1,975 tons last week while cancel warrants stood at 6.35%.However higher surplus is the market may continue to cap the upside. Also according to the latest monthly bulletin from Lisbon-based International Lead and Zinc Study Group (ILZSG), the global lead market was in surplus by 19,000 tons in the first two months of the year. Support for MCX Lead April contract is seen at Rs.105.5 while resistance is seen at Rs.108.5.
POWERED BY: MYIRIS NEWS
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