By Rushabh Mehta
AHMEDABAD (Commodity Online):The Dollar Index (basket of 6 major currencies against Dollar) is depreciating and currently trading at 80.767 after making high of 81.077.
Dollar Index corrected slightly after its strong recent gains on Investors optimism that EU officials will take necessary steps to contain the debt crisis. Support is seen at around 80.52 levels and resistance is seen at around 82 levels.
Euro rebounded slightly on optimism that EU officials especially French and Germany are working out to contain the debt crisis. Chancellor Angela Merkel and President Nicolas Sarkozy said after their yesterday’s talks in Berlin that private sector bondholders must take part in reducing Greece's debt burden and Greece must comply with the necessary measures in order to secure the next aid package.
Crude: Crude oil prices are expected to trade with a sideways bias today, taking mixed cues from expected rise in US crude oil inventories, Euro Zone concerns and positive economic data from China.
Copper: Buy February contract near Rs 398-398.40 with stoploss of 394 for the target of 404.80.
Nickel : It seems very strong above its strong support of 992 and the intraday target would be 1008.
Zinc:Its iventory was positive on LME so it is believed to trade wid strong support of Rs 98.40.
Aluminum: It is considered to be most promineneet commodity into base metals as its invetory stood highly negative on LME.
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