basemetals intreaday

Copper

Copper soared to a record inNew York, topping $4.26 a pound, as contract workers inChile, the world's largest producer of the metal, extended a strike, disrupting supplies. MCX Copper May traded as high as 361.20 (+6%) on Strike News despite the fact that LME remain closed for the day.

A union atChile's state-owned Codelco said the company's second-largest mine remains closed today. The strike that began on April 16 has disrupted output at three mines.

Before today, copper had jumped 26 percent this year as a slumping dollar boosted demand for commodities as a hedge against inflation. Falling copper inventories and labor unrest also spurred concerns that supplies will trail demand.

London Metal Exchange, the world's largest market for industrial metals, was closed today for a public holiday

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 360.8 levels. If market breaches 360.8 may see prices to take further upside towards 371.0 and 380.8, however if it holds back below 340.9 may see prices to fall further on today. Major support is seen at 331.1 and 320.9

Recommendations-MCX Copper June: Buy at 346-347 Target 355 and 360 SL 342



Nickel

MCX Nickel traded volatile following movement in Copper, market traded as high as 1180, while LME remain closed for public holiday.

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 1180.5 levels. If market breaches 1180.5 may see prices to take further upside towards 1196.5 and 1213.0, however if it holds back below 1148.0 may see prices to fall further on today. Major support is seen at 1131.5 and 1115.5

Recommendations:MCX Nickel May: Buy at 1155 Target 1168 and 1182 SL 1139

Zinc

MCX Zinc May traded volatile in tight range of 89.50-92, while Lme remained closed for the day. Market mostly followed Copper, Crude Oil and Gold.

Refined zinc prices may climb by more than 50 percent in the next five years as growth in mine supply slows and leads to a global shortage of the metal used to galvanize steel.

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 91.8 levels. If market breaches 91.8 may see prices to take further upside towards 93.2 and 94.3 however if it holds back below 89.3 may see prices to fall further on today. Major support is seen at 88.2 and 86.8

Recommendations-MCX Zinc May: Sell at 91.30 Target 89.60 and 88 Stop loss at 92.40



Lead

Mcx Lead mostly traded up following other base metals, market-traded volatile in range of 103.75 –107 closed with minor gains.

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 negative and the support is seen at 103.7 If market breaches below 103.7 may see prices to take further correction towards 102.1 and 100.5, However if it holds back above 107.0 may see prices to rise further on today. Major resistance is seen at 108.6 and 110.2

Recommendations –MCX Lead May: Sell at 105.20 Target 103 and 102 SL 106.10



Aluminium

MCX Aluminium May traded positive following gains in Copper and Nickel, while LME remained closed for the day on public holiday.

MCX Aluminium May traded in range of 117 – 118.65, closed with minor gains.

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 118.8 levels. If market breaches 118.8 may see prices to take further upside towards 119.6 and 120.5, however if it holds back below 117.2 may see prices to fall further on today. Major support is seen at 116.3 and 115.5

Recommendations–MCX Aluminium May: Buy at 117.80-118 Target 119.50 and 121 SL 117.10

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