MUMBAI (Commodity Online): At the Multi Commodity Exchange of India (MCX), Zinc and Lead gained over 1% while Natural gas is down by over 2% on afternoon trade on Thursday.
MCX lead January contract is trading at Rs 108.10 after opening at 107.05 as of 04:15 PM IST. MCX zinc is at Rs 102 after opening at Rs 100.95 and MCX natural gas is at Rs 122.50 after opening at Rs 125
-Zinc and Lead gained tracking strong copper prices, which has gained close to 1.40%. Base metal prices remain firm on continued impact from Chinese GDP data released yesterday. Q4, 2011 GDP at 8.9% exceeded market expectations of 8.7%. Lack of any negative reports from Europe also added to the support of weak base metal prices.
-Natural gas continues its disappointing downtrend. Warmer than expected winter is keeping consumers away from buying gas. This can be seen in US inventory reports. In fact, winter inventories are more than 15% above their 5 year averages. Production continues to increase, providing no respite to increasing stockpiles and thus creating a supply glut.
Technical target by Angel Commodities for Jan 19 2012
MCX Zinc Support Rs 99.65/Rs 100.25, Resistance Rs 101.75/Rs 102.65
MCX Lead Support Rs 104.95/Rs 105.95, Resistance Rs 107.65/Rs 108.35
MCX Natural gas Support Rs 121.40/Rs 123.20 Resistance Rs 128.00/Rs 131.00
