Copper yesterday traded with the positive node and settled 1.03% up at 432 hitting its priciest level in about two weeks, as investors once again ignored an in-line interest rate hike and continued to bet on the global economic recovery. Markets barely flinched after the European Central Bank raised rates for the first time since July 2008 by 25 basis points to 1.25 percent. Slight pressure had been witnessed in their session highs after an earthquake of magnitude 7.4 shook the northeast of Japan and a tsunami warning was issued for the coast, already devastated by last month's quake and tsunami.
LME copper prices rallied all the way after finding technical support at USD 9,600/mt, reaching as high as USD 9,752/mt, the highest level in two weeks. Finally, LME copper prices closed at USD 9,700/mt, up USD 80/mt. In yesterday's trading session copper has touched the low of 426.15 after opening at 427.15, and finally settled at 432. For today's session market is looking to take support at 427.4, a break below could see a test of 422.7 and where as resistance is now likely to be seen at 435.4, a move above could see prices testing 438.8.
Trading Ideas:
Copper trading range is 422.7-438.8.
Copper ended up as investors once again ignored an in-line interest rate hike
Copper is taking resistance at 435.40 and support is seen at 427.40.
Copper daily stocks at Shanghai exchange came down by 1077 tonnes.
Zinc yesterday traded with the positive node and settled 0.87% up at 108.6 tracking LME zinc prices which moved between USD 2,420-2,440/mt during the Asian trading hours. In the evening, European central bank announced to raise interest rates by 25 basis points to 1.25%, the first interest rate hike since July 2008.
But LME zinc prices rose to USD 2,470-2,480/mt, with prices once touching USD 2,486/mt. Since a 7.4 magnitude earthquake occurred in east Japan, LME zinc prices lost some gains, with prices finally closing at USD 2,465/mt, up USD 24/mt, above the 5-day moving average.
In yesterday's trading session zinc has touched the low of 107.3 after opening at 107.5, and finally settled at 108.6. For today's session market is looking to take support at 107.4, a break below could see a test of 106.2 and where as resistance is now likely to be seen at 109.7, a move above could see prices testing 110.7.
Trading Ideas:
Zinc trading range is 106.2-110.7.
Zinc yesterday traded with the positive node tracking higher LME zinc prices
Zinc looks to take support at 107.40 and resistance at 109.70 level.
Zinc daily stocks at Shanghai exchange came up by 201 tonnes.
Nickel yesterday traded with the positive node and settled 2.01% up at 1198.6 tracking LME nickel for delivery in three months opened at USD 26,500/mt and closed at USD 27,000/mt, up by USD 455/mt from a day earlier, with the highest price at USD 27,400/mt and the lowest price at USD 26,351/mt. LME base metals largely ended with gains on Thursday due to strong demand signals, but a new earthquake in Japan pared certain gains. LME nickel prices extended Wednesday's strong upward momentum overnight.
LME nickel prices largely fluctuated stably during the Asian trading hours, but surged to the highest of USD 27,400/mt during the Asian trading hours, with prices closing above all day moving averages. Weighed by Japans' earthquake, LME nickel prices fell from high and closed at USD 27,000/mt mark. For today's session market is looking to take support at 1177.4, a break below could see a test of 1156.2 and where as resistance is now likely to be seen at 1216.9, a move above could see prices testing 1235.2.
Trading Ideas:
Nickel trading range is 1156.2-1235.2.
Nickel yesterday gained due to strong demand signals
Nickel is having resistance at 1216.90 and support at 1177.40 level.
Spread between nickel APR & MAY contracts yesterday traded in the range of 8.00 - 8.2.
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