By Paul Ploumis 25 Aug 2015 Last updated at 08:15:28 GMT
Copper –Daily Chart
Copper: Copper prices have retraced back towards the lower end of its trading range at 330 levels If prices hold on between 330-328 levels then the counter will rebound towards 337 levels again. We reiterate that any major reversal in trend is likely only on a breakout above 342 levels A break below 327 will see prices slip towards 325/323.50 levels.
Zinc –Daily Chart
Zinc: Zinc prices are trading around crucial support around 113.40. Sustenance below 113 will see prices weaken towards 110/108.20 levels. Immediate resistance for the counter is seen around 115.80-116.25 zones. Failure to break below 113 will see prices rebound and test these resistance areas.
Lead: Lead prices managed to rebound from its lows at 108.55 levels yesterday. Failure to break below 109 will see prices rebound towards 111.70/112 levels again. Any major up move though is likely only on a break above 115 levels. A daily close below 107 will see the downtrend resume towards 1051103.50 levels.
Nickel: Nickel prices are trading down with a cut of 2% currently. Prices can re-test its lows at 618.40 levels. Sustenance below this level will lead to further weakness in the counter and prices will test 600 levels in that case. Sustenance above 635 will see prices rebound towards 650/655 areas again. Selling can be seen in the counter as prices approach 650-655 areas on the upside.
Aluminium: Aluminium prices hit a fresh swing low of 99.45 but buying at lower levels helped prices rebound towards 101.10 levels by close. Any major upside reversal though is likely only above 102.60. Failure to trade above 101.50 will see prices drift lower towards 99.80/99.50 levels again. The broader view for the counter will remain negative until prices stay below 102.60
Courtesy : Emkay Commotrade
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