Wednesday, 24 December 2014

Base Metals Daily Commodity Market Update

Sustenance below 406 levels will see copper test its next major support at 403 levels. Prices are likely to break down below 406 if it fails to sustain above 409 on pullbacks. We don’t expect the counter to correct beyond 403 levels today.

Zinc prices can retrace towards its major support at 136 levels. Prices can find buying support at lower levels which will prevent it from falling further. Fresh up move can be seen only if prices can trade above 139 levels. We expect a range of 136 to 138.50 for the day.

Further pullback in lead prices can be seen only above 119.60 levels until then the counter will trade weak. Immediate support on the downside is seen at 117.50 levels. A break below 117.50 will see prices test 116.40. Weakness from around 119.30 119.50 can be sold by day traders.
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