Base metals advanced on LME and MCX as market participants cover short ahead of the holiday week. While market again came down due to weak ness in dollar as fresh economic data pushed US dollar down, LME will be closed from 24th-26th December for Christmas.
China raised interest rates for the sixth time this year to try to cool an economy that's growing more than twice the pace of the U.S., the second-biggest buyer of copper.
Chinese demand increased more than a third in the first nine months, the World Bureau of Metal Statistics said.
World Bureau of metal Statistics [WBMS] recorded a surplus of 60,000 metric tonnes in global zinc market in the first ten months of the year.
India's Hindustan Zinc has lowered the prices of its zinc products while lead prices were kept unchanged.
Zinc prices were slashed by Rs.4,600/tonne(4.3%) to Rs.1,03,600/tonne whereas Lead product prices were unchanged at Rs.113,900/tonne.
World crude steel production in November was 109 million metric tons among members of the International Iron and Steel Institute, up 4% on the year, the IISI said Thursday. A total of 67 countries report to the IISI, which represents approximately 180 steel producers and around 75% of the world's steel output.Total world production in the first eleven months of the year was 1.21 billion tons, an increase of 7.7% over the same period of 2006, IISI said.
MCX Copper Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from over bought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 18-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Copper Feb: Buy at 261-263 for the target of 266.8 and 269 with stop loss at 256.70
MCX Zinc Dec (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are increasing from over sold level, which is bullish and should support higher prices. The market's short-term trend is negative as the close remains below the 18-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Zinc Dec: buy at 90.55 for the target of 91.85 and 92.90 with stop loss at 89.50
MCX Nickel Dec (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. 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 18-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Nickel Dec: buy at 1040-46 for the target of 1060 and 1080 with stop loss at 1026
MCX Lead Dec (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are on hold from over sold level, which is bullish and should support higher prices. The market's short-term trend is negative as the close remains below the 18-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Lead Dec: Buy at 102.50-103 for the target of 104.90 and 106 with stop loss at 101.40
MCXARUN
9994500540
Friday, December 21, 2007
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