Vale SA, the world's fourth-biggest nickel producer, said it started negotiations with striking workers at its mining and milling operation at Voisey's Bay in Canada. Nickel has touched a low of Rs 998.2 a kg after opening at Rs.1008.2, and last traded at Rs 1010.6.For today market is looking for the support at 999.6, a break below could see a test of 988.7 and where as resistance is now likely to be seen at 1020.1, a move above could see prices testing 1029.7.
Zinc ended higher recovering its previous losses supported by recovery in euro. Fall in LME zinc inventories as stocks fell 725 tons to 619,750 tons also supported the prices. Zinc yesterday we have seen that market has moved 0.79%. Market has opened at 88.8 & made a low of 87.15 versus the day high of 89.5. The total volume for the day was at 17882 lots and the open interest was at 3966.Now support for the zinc is seen at 87.6 and below could see a test of 86.2. Resistance is now likely to be seen at 89.9, a move above could see prices testing 90.9.
Copper gained amid growing positive sentiment on demand despite recent worries about the euro-zo
Oil rose as a forecast for an intense Atlantic hurricane season fueled fears of disruption in U.S. supplies, prompting speculative buying. Wednesday, the EIA said that crude oil inventories added 2.4 million barrels in the week ended May 21, to 365.1 million barrels, 2 million barrels over last year at the same time. Now support for the crude is seen at 3413 and below could see a test of 3350. Resistance is now likely to be seen at 3514, a move above could see prices testing 3552.
Silver yesterday traded within a tight range ending slightly in positive zone. Firmness in silver is as prices were supported by positive base metal and crude prices. Silver opened at 29350 as investors anticipated superior returns from riskier assets. The commodity hit a low of 29075 early in trading, before climbing progressively to a high of 29461 as funds reentered the metal. Silver breezed, eventually closing out the session at 29308.Now support for the silver is seen at 29102 and below could see a test of 28895. Resistance is now likely to be seen at 29488, a move above could see prices testing 29667.
Gold ended lower after fluctuating in a tight range as a recovery in the euro encouraged investors to consider more risky options. However, persisting euro-zone economic uncertainties helped prevent a steeper decline in the safe-haven metal's prices. Now technically market is trading in the range as RSI for 18days is currently indicating 66.06, where as 50DMA is at 17276 and gold is trading above the same and getting support at 18320 and below could see a test of 18253 level, And resistance is now likely to be seen at 18496, a move above could see prices testing 18605.The realm of Norwegians roads is poised for a transformative change as the number of all-electric vehicles (BEVs) is expected to surpass the number of conventional gasoline-powered vehicles by the
News in Focus
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