Friday, 18 December 2015

Commodity Market Base Metals News for Today

Lead prices can correct up to 107.60—107.15 zones. Intraday pullback rallies towards 111/111.50 levels is likely but selling can drag prices lower. We don’t expect to break below 107 levels. A sharp bounce is likely if prices enter 107.50—107.15 areas.

Intraday outlook for Nickel will remain negative until prices stay below 580. A decisive break below 570 will push prices lower towards 559.50/555 levels. Sustenance above 580 will push prices higher towards the higher end of the trading range at 594. A daily close above 594 will be positive for the counter.

Aluminium prices will weaken further if prices start to trade below 98 levels. Prices will correct towards 96.50 areas in that case. Intraday resistance on pullbacks is seen around 98.60 levels. A re-test of major resistance between 101.50—102 is likely only once prices break above 100 levels.
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