Friday, 8 January 2016

Commodity Market Base Metals Updates

Copper moved lower once prices broke below its support at 307.50 levels. Sustenance above 304 will trigger an intraday bounce towards 306.50/307 levels. Prices can test its support around 300/299.50 levels. A daily close below 299.50 will push prices lower towards 293.50 levels.

Zinc prices can test its support between 98—97.60 zones. Failure to break below 97.60 will trigger a pullback rally in the counter. The intraday view for the counter will stay negative until prices stay below 101. The counter needs to sustain above 101 to bounce towards 102.50/103 areas. A daily close below 97.60 will be negative for counter.
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