COMMODITY(12.05)
Goldennifty says:Aluminum- MCX Aluminum may note some decline tracking international markets. Weighing on prices is records high stocks at LME however higher cancelled warrants ratio may cap the downside. Stocks at LME rose by 8350 tons to new life time high of 49,78,750 tons yesterday while cancelled warrants stood at 13.3%. Support for Aluminum January contract is seen at Rs.107 while resistance of Rs.110.
Zinc- MCX Zinc may note some decline tracking weakness in copper prices. Prices may further come under pressure amid higher stocks at LME warehouses. However stocks at LME fell by 1400 tons yesterday after declining by 4600 tons last week while those at SHFE fell 1878 tons. Support for MCX Zinc January contract is seen at Rs.97 while resistance is seen at Rs.100.8.
Nickel- MCX Nickel may note some decline tracking international markets. Weighing on prices is weakness in copper prices, slight rebound in US Dollar and choppiness in Asian equities. The downside may however be capped amid lower stocks at LME warehouses. Stocks rose by 468 tons yesterday. Support for MCX Nickel January contract is seen at Rs.970 while resistance is seen at Rs.1015.
Lead- MCX Lead may note some decline tracking weakness in copper prices. The downside may however be capped as prices may continue to seek support from higher replacement demand in winter and falling stocks at exchange warehouses. Stocks at LME fell by 1,350 tons yesterday after declining by 3,150 tons last week while cancelled warrants hovered above 8% signaling strong physical demand. Also stocks at SHFE fell by 4170 tons last week. Support for MCX Lead January contract is seen at Rs.107 while resistance is seen at Rs.111.5.
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