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LME Inventory Data:
Metal inventories witnessed stockpiling except Zinc and Nickel while the cancelled warrants have also declined for the all metals indicating weak spot demand. Overall, this data may have negative impact on base metals forwards at LME. Slight pullback in prices might be expected in the US session while mostly base metals are likely to remain baised towards downside.
GOLD TECHNICAL UPDATE :
Gold Dec Comex future prices are trading near support of $1729 levels ( Previous low), down by -10 dollars from the previous close. A significant break below $1729 would trigger fresh selling towards $1720. On the higher side key resistance level to watch for intraday is at $1743-1745 levels, which is likely to hold the downside view.
Gold Dec MCX future prices are witnessing a stiff resistance near 31511 levels. Sustained trades below the same it is likely to remain lower. Due to rupee depriciation prices are trading higher. On the lower side support is seen at 31300 levels. Break below the same confirm downtrend for intraday. Expected trading range would be 31300-31511 levels. CMP 31402
Cancelled warrant ratio
Metal inventories witnessed drawdown except Nickel while the cancelled warrants have slightyl increased for Lead and may limit downside. Other metals warrants have declined mainly Copper and Zinc and would weaken prices due to falling spot demand. Overall, the inventory release is likely to have negative impact on base metals in the session ahead.
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