Copper yesterday traded with the negative node and settled -1.16% down at 417 posting its biggest weekly loss since mid-March, as mounting inflationary pressure in China cast a shadow over the near-term demand outlook. Copper again shunned rallies in the precious metals complex, with gold and silver surging to record and 31-year highs, respectively, as investors bought both metals as a hedge against global inflation worries and rising oil prices.
Chinese consumer price inflation sped to 5.4 percent in the year to March, the fastest since July 2008 and topping market forecasts of 5.2 percent. Gross domestic product in China, the world's top copper buyer, eased a touch. China accounts for about 40 percent of copper demand. In yesterday's trading session copper has touched the low of 416 after opening at 422.5, and finally settled at 417. For today's session market is looking to take support at 414.3, a break below could see a test of 411.7 and where as resistance is now likely to be seen at 421.3, a move above could see prices testing 425.7.
Trading Ideas:
Copper trading range is 411.7-425.7.
Copper fell as mounting inflationary pressure in China cast a shadow over demand.
Copper is taking resistance at 421.30 and support is seen at 414.30.
Copper weekly stocks at Shanghai exchange came down by 6578 tonnes.
Zinc yesterday we have seen that market has moved -1.09% as investors were worrying about that China will take additional tightening monetary policies because of high inflation, which will cut consumer demand. Global refined zinc production will exceed demand by almost 200,000 tonnes this year, the fifth year running of over-supply, the Lisbon-based International Lead and Zinc Study Group (ILZSG) said. Market has opened at 107.35 & made a low of 105.65 versus the day high of 107.6.
The total volume for the day was at 19962 lots and the open interest was at 8618.Now support for the zinc is seen at 105.2 and below could see a test of 104.4. Resistance is now likely to be seen at 107.1, a move above could see prices testing 108.3.
Trading Ideas:
Zinc trading range is 104.4-108.3.
Zinc market near 200,000 T surplus in 2011 -ILZSG
Zinc looks to take support at 105.20 and resistance at 107.10.
Zinc weekly stocks at Shanghai exchange came up by 10598 tonnes.
Crude Palm oil yesterday traded with the negative node and settled -1.38% down at 507 on sustained selling by speculators at prevailing higher prices. Trading sentiments remained bearish as palm oil in Malaysia traded moderately lower on poor demand for the commodity among biofuel producers.
Malaysia's palm oil exports during the April 1-15 period declined by 21% from a month earlier to 4.18 lakh metric tonnes. In yesterday's trading session Crude Palm oil has touched the low of 505.4 after opening at 511.5, and finally settled at 507. For today's session market is looking to take support at 504.4, a break below could see a test of 501.8 and where as resistance is now likely to be seen at 510.6, a move above could see prices testing 514.2.
Trading Ideas:
Crude Palm Oil trading range is 501.7-514.1.
Crude Palm oil yesterday traded with the negative node on sustained selling by speculators
Resistance for crude palm oil is at 510.60 level
Support for crude palm oil is at 504.40 level.
Crude palm oil prices in spot market dropped 8.50 rupees and settled at 505 rupees.
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