Golden Investment Research Private Limited
MCX Lead may note some gains tracking copper prices, however the upside remains capped. Supporting prices is higher replacement demand for MCX Lead based batteries as Europe witnesses` cold snap. The gains may however be capped amid jump in stocks at LME and higher surplus in physical markets. Stocks at LME rose by 1,250 tons yesterday after gaining by 32,250 tons last week while cancelled warrants eased to 11.3%. Support for MCX Lead February contract is seen at Rs.106 while resistance is seen at Rs.109.5.
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