Monday, 23 November 2015

Daily News on Base Metals in Commodity Market

Copper prices could continue to trade lower. However, LME prices are oversold and could witness some short covering. Key support now is at 4590. A close below today could pull prices to 4400. Key resistance is at 4691. MCX Copper prices trade weak, tracking weak overseas prices. Support remains at 300.00. A close below today could pull prices to 280. Resistance is at 308.95 and 312.00. However, MCX prices are oversold and could witness some short covering.

Nickel prices could continue to trade lower. However, LME prices are oversold and could witness some short covering. Key support now is at 8650. Key resistance is at 9150. MCX Nickel prices trade weak, tracking weak overseas prices. Support is at 571.30. A close below today could pull prices to 550 levels. Resistance is at 607.95. However, MCX prices are oversold and could witness some short covering.

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