Wednesday, May 11, 2011

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In this context, the US dollar index overnight surged to 75.3, weighing down LME zinc prices to USD 2,122/mt, and with prices closing at USD 2,142/mt, down USD 33.8/mt. In yesterday's trading session zinc has touched the low of 94.9 after opening at 97.4, and finally settled at 95.65. For today's session market is looking to take support at 94.4, a break below could see a test of 93.1 and where as resistance is now likely to be seen at 97.5, a move above could see prices testing 99.4.

Trading Ideas:
Zinc trading range is 93.1-99.4.
Zinc ended lower weighed down by rise in China’s CPI during April rose by 5.3% YoY
Zinc looks to take support at 94.40 and resistance at 97.50.
Zinc daily stocks at Shanghai exchange came up by 707 tonnes.

LME nickel prices largely fluctuated lower overnight. Affected by firm US dollar, inflation concern caused by China's CPI, and crude oil price tumble, LME nickel prices accelerated declines and were weighed to move below USD 25,000/mt.

Economic data announced from China also clouded market. China's April CPI only declined slightly. China's CPI for April was reported at 5.3% YoY, higher than expectation of 5.2%. For today's session market is looking to take support at 1076.6, a break below could see a test of 1060.4 and where as resistance is now likely to be seen at 1116, a move above could see prices testing 1140.6.

Trading Ideas:
Nickel trading range is 1060.4-1140.6.
Nickel ended down by 2.43% tracking weakness in other base metals counter
Nickel is having resistance at 1116.70 and support at 1076.60 level.
Spread between nickel MAY & JUN contracts yesterday traded in the range of 9.90 - 11.2.

2 comments:

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