Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: The counter is in an uptrend and resisting at the higher levels. The prices can correct till 302-300, but the trend remain intact above 94 levels. Thus the prices are expected to trade range bound between 302-310, the prices can inch-up to 316, on breaching 312 on the upside.
Nickel counter is trading side-ways, and resisting at the higher levels. Thus for the day prices are expected to remain range bound between 950-980. But breaching 950 levels can turn counter bearish with support at 920 levels.
Aluminium prices remained weak yesterday but again took support at 90.75. The counter now has resistance at 93.65 (the 7 and 21 DMA). Thus for the day prices are expected to trade between 93.6-90.7. but breaching 90 levels can trigger new downside in the counter till 87-86 levels.