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: Base metals are slowly recovering from the morning lows on the back of depreciating local unit and gaining Euro. The Asian equities have also recovered at a slower pace ahead of the European market opening. Further, the IFO numbers from Germany are likely to remain weak and may pressurize riskier assets including base metals on the back of temporary halt in bailout negotiations,
Therefore, initiating selling at pullback might be recommended as the entire pack may remain weak due to deteriorating confidence and slower US manufacturing in the evening.
Cancelled warrant ratio :
Metal inventories witnessed slight stockpiling except Lead and Aluminum while the cancelled warrants have increased for Copper and Nickel and may restrict downside. Overall base metals are likely to remain weak and selling at pullbacks might be recommeded.
Comex Dec future prices are trading higher at $1778.4, up by 0.46%(8 dollars). Break above $1780-1781 would trigger fresh buying towards $1789/1800 levels. Supports are seen at $1769/1758 levels.
Dec Comex future prices are witnessing a stiff resistance near $3510 levels. Breach and sustainable trades above the same confirm further uptrend towards $3538/3556 levels. Key support level to watch is at $3456 levels which is likely to hold positive view for intraday. CMP $3494
Nov Nymex future prices are trading at 93.08, up by 67 cents(0.75%). Prices are witnessing a support at 92.6 levels (61.8% retracement of the range 87.55-100.76). Only a significant break below the same confirms downside movements towards 91.60 levels. Conversely, on the higehr resistances are seen at 93.50 and then 94.20 levels , which are likely to limit the upside gains.
Conversely, on the higehr resistances are seen at 93.50 and then 94.20 levels , which are likely to limit the upside gains. expected trading range 92.60-94.20 levels. Crude oil Oct MCX future prices are trading lower at 4992, down by 25rs from the previous close.
Intraday bias remains downside as long as 5054 resistance remain intact. We suggest momentum traders to sell around 5010-5020 for a possible target of 4966/4945 with stoploss above 5055. CMP 5000
As expected in the morning CDRR report, base metals opened on a positive note and have shredded most of the gains as the session progresses. Internationally prices have also declined as investor concerns have shifted from optimistic monetary policy of Central banks to weak state economic releases.
However, at our domestic market the UPA has backed support from the Mulayam Singh led Samajwadi Party and the finance ministry has indicated to limit budget deficit to 5.3 percent of GDP. Improved political outlook and FDI and diesel price hike on the back the local unit rallied 1.5 percent pressurizing base metals.
We expect,base metals to remain feeble later during the day due to lack of cues from economic front coupled with rising weekend selling pressure.
Cancelled warrant ratio
IMPACT: Base metals inventory declined except Aluminum while the cancelled warrants have also remained weak and may continue to presurrize gains in base metals. Zinc and Nickel demand has been improving consecutively for the second day of the week indicating higher demand from spot front and may limit downside in these two metals
FreeÂ StrategicÂ Recommendation Update : Call Given @ 18.09.2012 ,01:30 PM,Â Buy Zinc @ Cmp : 110.55,Sell Aluminium @ Cmp: 114.85, Current Diff : 4.30,Expected: Â 3.30/2.30, SL: 6 â€“ www.Commodity20.comÂ
Zinc-AluminiumÂ StrategyÂ Call : Zinc Baught @ 110.55,Cmp:112.55,Diff: 2 , Profit:10000 ,Aluminum Sold @ 114.85,Cmp:112.45,Diff: 2.4,Profit: 12000,Â Book Profit of Rs.22000 /- per Lot, – www.Commodity20.com,21.09.12,13:30 PM
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