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Kotak Commodities has come out with its report on Lead, Copper, Aluminum.
Copper- MCX Copper may note some decline tracking international markets, however the downside remains capped. Weighing on prices is concerns over faltering economic growth in US after weak labour data. Also weighing on prices is persisting fears over Euro Zone debt crisis, weakness in global equities and higher stocks at exchange warehouses. Stocks at LME warehouses rose by 1150 tonnes last week while those at SHFE rose by 5532 tonnes. The downside may however be capped amid hopes of further monetary stimulus by Fed and buying at lower levels by Chinese traders. Prices will further track economic releases and its impact on global equity and currency markets. As for today, focus will be on Euro Zone Sentix Investor Confidence and Retail Sales. Support for November copper is seen at Rs.412 while Resistance is seen at Rs.424.
Aluminum- MCX Aluminum may note some decline tracking copper prices. Also recent jump in stocks at LME warehouses may weigh on the prices. Stocks at LME fell by 20875 tonnes last week but are in the upper range for the year while those at SHFE fell by 7009 tonnes. Support for Aluminum September contract is seen at Rs.109.5 while resistance of Rs.112.5.
Zinc- MCX Zinc may note some decline tracking copper prices. Also, growing surplus may weigh on the prices. According to latest monthly bulletin from the Lisbon-based International Lead and Zinc Study Group the global zinc market was in surplus by 223,000 tonnes in the first half of 2011. The downside may however be capped amid recent drop in stocks at LME warehouses. Stocks fell by 7275 tonnes last week while those at SHFE fell by 2339 tonnes. Support for MCX Zinc September contract is seen at Rs. 99.5 while Resistance is seen at Rs.102.5.
Nickel- MCX Nickel may note some decline tracking international markets. Prices may come under pressure amid bleak global outlook and weakness in equities. Also deteriorating demand from stainless steel mills and rising mine production may weigh on the prices. The downside may however be capped amid drop in stocks at LME. Stocks fell by 1728 tonnes or 1.65% last week. Support for MCX Nickel September contract is seen at Rs.970 while Resistance is seen at Rs.1015.
Lead- MCX Lead may note some decline tracking copper prices. Further higher stocks at exchange warehouses may also weigh on the prices. Stocks at LME rose by 4300 tonnes last week while those at SHFE rose by 3279 tonnes. Further, according to monthly bulletin from the Lisbon-based International Lead and Zinc Study Group (ILZSG) the global lead market was in surplus by 100,000 tonnes in the first half of the year. Support for MCX Lead September contract is seen at Rs.111 while Resistance is seen at Rs.114.8. Steel- NCDEX Steel may trade sideways with negative bias amid lack of demand in domestic markets however firmness in iron ore prices may cap the downside. Support for NCDEX Steel September contract is seen at Rs.29400 while Resistance is seen at Rs.30000.
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