Tuesday, 10 March 2015

Base Metal Trading Report for Today

Copper prices have pulled back sharply after opening around its support levels at 364. Prices will face selling pressure around 369- 369.50 levels. Sustenance above 369 will see prices head into its multiple resistance areas between 371—372.50 levels. Weakness at higher levels can be sold by day traders. Any major correction will begin only once prices break below 363.

Zinc prices successfully tested its support at 125.50 as buying at lower levels helped the counter pullback again towards 127. Prices have retraced from its early session highs. Counter has support between 126.80—126.50 areas and we expect prices to bounce back towards 127.50 or even move higher towards 128 levels. Sustenance below 126.50 will be a bit negative for the counter as prices can drift lower towards 125.80.

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