Base metals complex may trade on volatile path
Commodity Online | October 17 2016
UPDATED 09:42:18 IST

MCX Mentha Oil likely to move in a range of 944-965.6

MCX Aluminium may trade between 142.7-145.5 levels

MCX Nickel likely to move in a range of 1043.9-1081.7

MCX Copper under fresh buying; Support seen at 520

MCX Zinc under long liquidation; Resistance seen at 192.3

Base metals complex may trade on volatile path as copper may open in green while aluminum and zinc may tad lower. Today US industrial production data will give direction to the prices. Copper may move in the range of 311-318. Lead can hover in the range of 131.50-134. Zinc may move in range of 148-151. Nickel may move in the range of 690-715 in MCX. Aluminum can move in the range of 110-112 in MCX.

London copper held above a one-month low on Monday after remarks by the Federal Reserve chair suggested the U.S. central bank may stick with loose monetary policy for longer, which shored up investor appetite for commodities. Zinc corrected last week after news that Peruvian mine Antamina would boost production tempered expectations of a supply shortage.

U.S. retail sales rebounded in September amid a surge in motor vehicle purchases and rise in discretionary spending, pointing to solid demand that reinforces expectations of an interest rate increase from the Federal Reserve in December. Hedge funds and money managers raised their net long positions in COMEX copper contracts in the week to Oct. 11, U.S. Commodity Futures Trading Commission data showed on Friday.

Courtesy: Smc Comtrade

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