Major Headlines
Zinc fell for a third consecutive day in London as stockpiles of the metal climbed to the highest in 15 months, increasing the likelihood the market will have a supply surplus this year. Copper and aluminum also declined.
MCX Copper Traded weak, there was some downside pressure on the complex due to subdued equities, strong dollar, falling gold and oil.
MCX Copper Feb registered days low near Rs.280 per kg from days high of Rs. 288.70 per kg. Market closed with heavy losses.
MCX Zinc Feb lost almost 4% and traded weak, market closed near Rs. 94.00 per kg. MCX Lead Feb lost 3% in previous session and registered days low at Rs.107.85.
The Shanghai Futures Exchange will close for a week from tomorrow as the world's largest user of all industrial metals observes the Lunar New Year holiday.
BHP Billiton Ltd., whose $130 billion offer for Rio Tinto Group was set back by China, may report first- half profit rose driven by record prices and output of iron ore.
MCX Copper Feb
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 overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Copper Feb: Sell at 283-284 for the target of 278 and 274 with stop loss at 288.90
MCX Zinc Feb
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 overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Zinc Feb: Sell at 95.30-95.50 for the target of 93.50 and 92 with stop loss at 96.80
MCX Nickel Feb
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 overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Nickel Feb: Sell at 1070-65 for the target of 1040 and 1020 with stop loss at 1095
MCX Lead Feb
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 overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Lead Feb:
MCXARUN
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