Base Metal Sure Calls Tips in Commodity Market - Safal Trading
In the industrial metal news,
Freeport-McMoRan Copper & Gold Inc affirmed that it will resume operations
at its Grasberg mine in Indonesia on March 12 after a suspension caused by work
disruptions.
Zinc tumbles by 0.7% or Rs 0.7 at Rs
101.15 per kg for the third consecutive day with its intraday tips high at Rs 102.65
per kg and low at Rs 100.1 per kg on Wednesday, 7th March. Zinc breached the
short term uptrend during the early of the week and fell sequentially touching
2-week lows of Rs 100.1 per kg. Zinc stood just below the 9-day EMA and was
near to the oversold region with its RSI at 38.2. Huge short selling was seen
with a 30.6% rise in its open interest to 3950 lots and volume traded stood at
21,606 lots compared to 22,455 lots traded last day.
At LME, Zinc slumped by 1.3% to $2003
per tonne with most of the trade in the negative territory during the day. The
mixed data from the global markets such as looming concerns over Greece couple
with the sanguine data from US and Fed to provide new stimulus weighed on the
sentiment.
MCX Zinc is likely to find support at Rs
100.1 per kg and Rs 99.1 per kg and resistance at Rs 102.9 per kg to Rs 103.9
per kg on Thursday, 8th March.
Nickel gained by 0.9% or Rs 8.3 at Rs
963.7 per kg on Wednesday, 7th March with its intraday high at Rs 965 per kg
and low at Rs 948.5 per kg. Short covering favored Nickel with 2% rise in its
open interest to 23,382 lots and volume traded stood at 58,015 lots compared
with 50,233 lots traded last day. Appreciation in rupee curbed huge gains in
the metal. The contract traded below 9-day EMA and RSI stood at 35.3.
Among all the base metals at LME, Nickel
was the only metal ended in positive territory edged up by 0.3% at $18,890 per
tonne. Nickel bucked off the trend amidst the concerns over the recovery in US
economy and optimism over Greece to shun off the default.
Nickel is likely to find support at Rs
948 per kg and Rs 932 per kg and resistance at Rs 974 per kg and Rs 985 per kg
on Thursday, 8th March.
China zinc imports advanced 47% to
47,933 metric tons (mt) in January on y-o-y basis, as per the Chinese customs
department.
China zinc imports advanced maybe
because of a decline in treatment charges paid to smelters and also because of
a wider spread between prices on the London Metal Exchange and domestic prices.
