[Base Metal]Commodity Technical Report 31 July, 2015 - Emkay Commotrade

Published: Aug 3, 2015 09:01

Save

Copper prices are trading down with a cut of 0.50% currently.

By Paul Ploumis 31 Jul 2015 Last updated at 08:52:46 GMT

Trade Strategies

Commodity Trading Strategies for the day

Commodity Strategy Levels Target Stop-Loss

Crude oil – Aug Buy 3055—3040 3125 2999

Natural gas – Aug Sell 180.60—181 177 183.10

Daily Commodity Technical

Gold: Gold prices have opened with a negative gap and prices are trading down with a cut of 0.60%. Further weakness from current levels will see prices slide lower towards 24450 levels A daily close below 24400 will see prices slide towards 24000 levels. Upside resistance is seen around 24800-24850 areas.

Silver: Silver prices will continue to be range bound until prices break out above 34500 or break down below 33300 levels. Until then, intraday dips will find support between 33550/33300 levels Upside looks capped to around 34150/34200 levels.

Crude Oil (Rs/Bbl): Crude oil prices remained in a narrow range throughout yesterday's session. The counter though has opened with a negative gap and prices are trading around supports at 3050. Failure to break below 3050-3040 areas will see prices rebound towards 3110/3125 levels by close Major support is seen around 3000 levels.

Natural Gas (Rs./Mmbtu): Natural gas prices moved lower post the inventory data and the counter closed down with a cut of 2.56% yesterday. The counter can rebound towards 181-181.50 zones. Selling can be seen as prices approach higher levels. We expect prices to test 177 levels. A close below 177 will see prices correct toward major support around 175.

Copper: Copper prices are trading down with a cut of 0.50% currently. Weakness from current levels will see prices head lower towards 335.50/334 levels. The intraday view for the copper will remain negative until prices stay below 340 levels A breakout above 340 will see prices rally towards 344 levels. A close below 334 will see prices head lower towards 332 levels.

Zinc: Aug. Zinc prices are trading around its immediate support around 125 levels. Resistance for the counter is seen around 126-126.25 levels. Sustenance above 125.50 will see prices advance towards this resistance levels. Failure to break below 124.50 will see prices remain range bound.

Lead: Aug. Lead prices are moving in a side ways range between 111.90 to 109.35 levels. Any major reversal in the counter is likely only on a breakout above 112 levels on a closing basis. Until then rallies towards 111/111.50 levels will face selling pressure. A daily close below 109.35 will open up downside targets of 108/107.50 levels in the counter.

Nickel: Aug. nickel prices can slip lower and test its support around 702 levels. If prices hold on to support between 705-702 levels then a pullback rally towards 715/718 levels is likely. A daily close below 700 will open up downside targets of 680/675 levels in the counter. Any major reversal in trend is likely only on a break above 720 levels.

Aluminium: Aug. aluminium prices are trading around its crucial supports around 103.80-103.50 zones Failure to break below this support will see prices rebound towards 104.651105 levels today. A daily dose below 103.50 will be negative for the counter and prices will correct further towards 102/101.50.

Courtesy :Emkay Commotrade

base metal

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

Kamoa-Kakula Begins Receiving 30 MW Baseload Power as Solar-Battery Facility Reaches Commercial Operation

CrossBoundary Energy’s solar photovoltaic and battery energy storage system serving the Kamoa-Kakula copper complex in the Democratic Republic of Congo reached commercial operation on August 12, 2026, and is now supplying 30 MW of continuous baseload power to Kamoa Copper. The milestone comes 16 months after Kamoa Copper signed a power purchase agreement with CrossBoundary Energy in April 2025, marking the transition of the project from commissioning into commercial operation. The facility comprises 233 MWp of solar photovoltaic capacity and a 123 MVA/526 MWh battery energy storage system, designed to provide at least 30 MW of firm power to the mining complex. The battery system allows electricity generated during daylight hours to be stored and dispatched when solar generation falls, enabling the project to provide continuous power rather than intermittent daytime supply. CrossBoundary Energy said the project is the first operational solar-plus-battery facility of its type and scale in Africa to provide baseload power. The new power supply forms part of Kamoa-Kakula’s broader efforts to strengthen electricity reliability at the operation. Kamoa Copper, which is jointly owned by Ivanhoe Mines, Zijin Mining Group and the DRC government, has been developing additional solar and battery capacity alongside upgrades to the DRC grid as it seeks to reduce exposure to power interruptions and reliance on diesel-generated electricity. The start of commercial operations represents a meaningful power-supply milestone for Kamoa-Kakula, where electricity reliability remains important to maintaining stable mining and processing operations. The new 30 MW firm renewable supplyshould provide an additional source of continuous power alongside existing grid and backup generation, while reducing reliance on diesel. The development is particularly relevant as Kamoa-Kakula continues to manage operational and infrastructure constraints, making improved power availability an important factor in supporting more stable copper production.

8 hours ago

12 hours ago

[SMM Analysis] Copper Concentrate Tightness Spreads to Scrap Market—Why Are Copper Scrap Prices Staying High?

[SMM Analysis: opper Concentrate Tightness Spreads to Scrap Market—Why Are Copper Scrap Prices Staying High?] Tight copper concentrate supply and deeply negative TCs are pushing smelters and fabricators toward recycled feedstock. Low global inventories, slow scrap generation and shortages of compliant material in China are supporting high payabilities. SMM expects import demand to remain firm, although any release of accumulated tax-excluded scrap in China could pressure prices.

12 hours ago

14 hours ago

Sinomine’s Kitumba Copper Project Enters Final Commissioning Push After Successful Primary Crusher Trial

Sinomine Resource Group (002738.SZ) reported further construction progress at its integrated Kitumba copper mining, processing and metallurgical project in Zambia. As of August 2026, the project’s 38-km water pipeline had been fully commissioned, while the primary crushing plant successfully completed its first integrated trial run with ore. The core supporting infrastructure and front-end crushing system are now ready for commissioning, marking the project’s entry into the final stage of construction. Kitumba is designed to process 3.5 million tonnes of ore annually, with a metallurgical capacity of 35,000 tonnes of copper cathode per year. At steady state, the project is expected to produce an average of 33,000 tonnes of copper cathode and 55,000 tonnes of copper concentrate annually. It has a designed operating life of 15 years and is expected to produce a total of 570,200 tonnes of contained copper over that period.

14 hours ago