Friday, 11 December 2015

Base Metals News on Commodity Market

Copper prices couldn’t sustain at its intraday highs at 314.30 levels yesterday. Failure to trade above 313 levels today will be a sign of weakness and the counter will slide lower towards 306 levels as the progresses. The counter needs to break above 315 to rally towards 317.50/319 levels. Until then the outlook will be negative for copper.

Zinc prices retraced after testing its resistance around 103.50 levels yesterday. Failure to trade above 102.55 will see prices weaken towards 101.10/100.70 levels. Momentum above 102.55 will see prices rebound towards 103.65/104 levels again. Areas between 104.60 to 100.10 is likely to be the broad trading range for the counter.

Sustenance below 99 levels will push Aluminium prices lower towards support areas around 98. A daily close below 98 will result into a breakdown towards 96.55/95.80 levels. Areas between 100.10—100.60 are strong resistance zones for the counter.

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