BASEMETALS INTRADAY

MCX Copper June - Technical Outlook:



The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Market is expected to remain positive and the resistance is seen at 347.9 levels. If market breaches 347.9 may see prices to take further upside towards 349.3 and 351.6, however if it holds back below 344.2 may see prices to fall further on today. Major support is seen at 341.9 and 340.5



Recommendations-MCX Copper June: Buy at 344.50-344 Target 349 and 354 Stop loss at 341.50



Nickel



MCX Nickel remains mixed, as initially market shown some gains but settled near previous closing, movement was silent as no much movement is seen at LME.



Nickel warehouse stock at LME, net change was –168 MT to 51774 MT



OAO GMK Norilsk Nickel, OAO Metalloinvest, and Russian Technologies Corp. have agreed in principle to bid for Udokan, Russia's largest untapped copper field, Kommersant reported.



The group wants to develop the deposit on equal terms, the Moscow-based newspaper reported, citing a letter to President Vladimir Putin from Sergei Chemezov, chief executive officer of state-owned Russian Technologies.



The Philippines shipped 72 percent less nickel ore to China in March than a year earlier as prices of refined nickel dropped, reducing the appeal of the cheaper alternative raw material for making stainless steel.

MCX Nickel May - Technical Outlook:



The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.



Market is expected to remain positive and the resistance is seen at 1185.7 levels. If market breaches 1185.7 may see prices to take further upside towards 1192.8 and 1198.7, however if it holds back below 1172.7 may see prices to fall further on today. Major support is seen at 1166.8 and 1159.7



Recommendations: MCX Nickel May: Buy at 1174-1172 Target 1185 and 1196 Stop loss at 1167






Zinc



MCX Zinc May traded mixed in tight range of 91.80–93.35 although market remain slightly negative at LME.



Zinc warehouse stock at LME, net change was –225 MT to 128550 MT



MCX Zinc May - Technical Outlook:



The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.



Market is expected to remain positive and the resistance is seen at 93.2 levels. If market breaches 93.2 may see prices to take further upside towards 94.1 and 94.8, however if it holds back below 91.7 may see prices to fall further on today. Major support is seen at 91.0 and 90.1



Recommendations- MCX Zinc May: Buy at 92 Target 93 and 94 Stop loss at 91.00





Lead



MCX Lead traded slightly up following major changes at LME.



Lme lead inventory rises 1.8% to highest since October 2006; Lead warehouse stock at LME, net change was 1000 MT to 55850 MT



MCX Lead May -Technical outlook:



The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.



Market is expected to remain positive and the resistance is seen at 112.2 levels. If market breaches 110.1 may see prices to take further upside towards 113.0 and 114.0, however if it holds back below 110.3 may see prices to fall further on today. Major support is seen at 109.3 and 108.5



Recommendations –MCX Lead May: Buy at 110.80-110.60 Target 112.20 and 113.60 Stop loss at 110.10



Aluminium



MCX Aluminium May treaded mixed and in tight range of 119 – 120, following movement at LME.



Alum warehouse stock at LME, net change was –950 MT to 1042825 MT



Japan's aluminium product shipments dropped 5 percent in March from a year earlier, the seventh straight month of decline, the Japan Aluminium Association said.



Shipments fell to 193,573 metric tons, led by a decrease in demand from builders and beverage can makers, the association said in a statement today.



World aluminium inventory expanded to 2.85 million metric tons in March from the preceding month, according to the International Aluminium Institute.



Stockpiles of the metal, including unprocessed scrap and mill products, totalled 2.83 million tons in February, the London-based IAI said on its Web site today. The IAI is funded by aluminium producers and represents 70 percent of global output.



MCX Aluminium May -Technical outlook:

The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.



Market is expected to remain positive and the resistance is seen at 119.9 levels. If market breaches 119.9 may see prices to take further upside towards 120.4 and 120.9, however if it holds back below 118.9 may see prices to fall further on today. Major support is seen at 118.4 and 117.9



Recommendations–MCX Aluminium May: Buy at 119 Target 120 and 121 Stoploss 118.30


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