LEAD PLUMMETED TO OCTOBER 2011 LOWS AT LME
DATE: 22/06/2012
Battery material Lead for delivery in June 2012 breached the major support level of Rs 104.9 per kg and fell sharply lower by 1.8% or Rs 1.85 at Rs 103.8 per kg on Thursday, 21st June. Lead tested an high of Rs 105.5 per kg and low of Rs 103.55 per kg and huge short selling with 27% rise in its open interest to 7778 lots hammered the metal. The contract traded below 9-day EMA and was found to be in over sold region with its RSI at 29.6. Lead was likely to find next support at Rs 103.5 per kg and Rs 103.2 per kg and resistance at Rs 104.8 per kg and Rs 105.2 per kg on Friday, 22nd June.
At LME, Lead was the worst performer among all the base metals having plummeted to October 2011 lows, down 2.8% at $1860 per tonne on Thursday. The concerns on the global economic growth of the major economies such as the US, China and Europe hampered the metal. The bleak economic growth in the major Lead consumer China pulled down the metal breaching its major support levels.
POWERED BY: COMMODITY INSIGHTS
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