Base Metals

Date: June 21, 2011

Highlights
Base metals remained sluggish on Monday open in LME as well as in domestic market on risk aversion remained high while EU finance ministers struggled to find a solution to the Greek debt crisis .The dollar strengthened against a global basket of currencies, trading as high as 1.4188 versus the euro on Monday, after euro zone finance ministers postponed a final decision on extending 12 billion euros in emergency loans to Greece.

Copper MCX Copper Jun prices corrected initially to the low of Rs 399.1 levels but later on it bounced to settle at Rs 403.85 levels , in this process it has made marginal negative difference of 2.6 rupees. It is taking key support at Rs 401.2 levels breach of this could correct to the low of Rs 395.6 levels. It is trading with in Zinc MCX Zinc Jun , prices marginally corrected so it take same support and resistance. One can expect marginal retracement on profit taking so traders are advised to sell at higher level. Feasibly one can sell at higher levels. Support is at Rs 96.6 levels breach of this could correct to Rs 95 levels. Nickel MCX Nickel Jun, futures prices has shown some hope on Monday trade session, after long correction prices have managed to move up by 3.9 rupees but still trading below falling trendline . Initially it corrected to my target level of Rs 965 level . It is moving along descending channel and can expect the prices to Aluminum MCX Aluminum Jun prices slipped down by 50 paisa in last week session. It may take forth week support at Rs 112 levels. If in case prices violates key support at Rs 112 levels then it can test support of Rs 110 levels. So traders are advised to buy at the mentioned level . One can expect marginal bounce back on Lead MCX Lead Jun prices significantly slipped to the low of Rs 108. 85 levels but in second half of the session it bounced to settle above rising trendline at Rs 111.2 .Support is at Rs 109 levels breach of this could bring down the prices significantly. On the higher side resistance of Rs 113.8 levels and above this it could touch the resistance of Rs 116.2 levels. So traders are advised Page 1 to wait for the clarity to take fresh position.. profit taking. So traders are advised to buy at mentioned level. continue to trade downward bias. One can expect immediate resistance at Rs 996 levels . Now traders are advised to sell slightly on the higher side. the symmetrical triangle so on the higher side it can extend to the resistance of Rs 409.4 levels. Traders are advised to continue with our long position.

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Base Metals
Date: June 21, 2011
Price LME Copper Zinc Lead Aluminium Nickel Close Prev. Close % Change MCX Copper June11 Zinc June11 Lead June11 Nickel June11 Aluminium June11 Technical Levels S3 Copper Jun Nickel June Lead June Zinc June Aluminium June 399.90 956.23 108.53 97.30 111.93 S2 403.55 970.77 110.67 98.55 113.52 S1 405.60 979.23 111.83 99.30 114.38 Morning Mantra Exchange Copper Nickel Lead Zinc Aluminum Contract Jun May Jun Jun Jun Strategy Bought Wait for higher level Buy Stay away Buy 111.9 114.1 110.9 110.3 113.2 108.8 Entry 402.6 Target 1 407 Stop Loss 398 Pivot 409.25 993.77 113.97 100.55 115.97 R1 411.30 1002.23 115.13 101.30 116.83 R2 414.95 1016.77 117.27 102.55 118.42 R3 417.00 1025.23 118.43 103.30 119.28 Price Close 403.85 97.50 110.35 980.30 112.85 Prev. Close 406.45 98.20 109.30 976.40 113.35 % Change -0.64 -0.72 0.96 0.40 -0.44

C O N T A C T U S

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