Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: Copper prices have rallied up giving a new high of 273.7, taking support at the 14 DMA. The RSI also have taken support at the MA and moved up. The ADX still continues to looks positive, thus the uptrend in copper resume above 270 levels.
Nickel prices also have rallied up making a new high of 833.3, after taking support at the previous low. The RSI also have picked up yesterday. Thus prices look positive above 804 levels. Buying can be done in the counter in profit booking above 804 levels, targeting 864 in near term.
Aluminium prices shouted up making a new high of 89.7 yesterday after breaching the previous day’s high of 87.15. The prices are expected to take support at the same and move positive from here. One can remain long in the counter on profit booking around 88.