BASEMETALS INTRADAY

Major Economic Data:
- The U.S. Commerce Department said that personal incomes were up .5% in February, better than expected. Consumer spending was up .1%, as expected.
Major Headline:
- Copper fell, erasing early gains, as concern that a slowing global economy may reduce demand for commodities sent futures indexes tumbling.
- Meanwhile, the dollar strengthened against the euro, making oil and other commodities less appealing as a hedge against inflation. A stronger dollar also makes oil more expensive to overseas investors.
- Prices are being hit by worries about the economic outlook and the impact of a U.S. recession. Also recent data on China has been poor.
- Stockpiles monitored by the London Metal Exchange fell 5.4 percent in the past week, to 115,225 metric tons, the lowest level since Aug. 14. Stockpiles in Shanghai warehouses also fell by 12,217 tons to 55,607 tons this week, the first drop since the end of the Lunar New Year holiday on Feb. 12.
- Standard Chartered cut its copper price forecast for this year to an average of $7,046 a metric ton, from $7,068 earlier, according to the report. It also slashed its first-quarter forecast to $7,685 a ton, from $7,770.

MCX Copper April

Technical Outlook: Momentum studies are bullish but are now at overbought 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 positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations - MCX Copper April: Buy at 333 Target 342 and 346 Stop loss 327.8

MCX Zinc April

Technical Outlook: Momentum studies are bullish but are now at overbought 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 positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative. are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The 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.

Recommendations -MCX Zinc April: Buy at 93.00 Target 95.50 and 97.40 Stop loss at 91.80

MCX Nickel April

Technical Outlook: Momentum studies are bullish but are now at overbought 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 positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations: MCX Nickel April: Buy at 1215 Target 1245 and 1285 Stop loss at 1190



MCX Lead April

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 EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations: MCX Lead April : Buy at 114 Target 116 and 118.20 Stop loss at 112.95


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