Commodity Outlook 07.10.11

8/4/2019 Commodity Outlook 07.10.11

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DAILY COMMODITY OUTLOOK 07th

Oct, 11

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MCX ZINC OCT Contract Technic al Out look & Trading Strat egy

The price of Zinc has been trading in a narrow range of`90 to `93.80 levels since it witnessed a

sharp correction from the highs of `105.15 levels as on 13th Sep, 2011. But the most important

observation to be made on the charts of Zinc is the positive divergence displayed by the RSI

indicator. It signals that the downward movement of the price could have lost force and in all

likelihood this can lead to some kind of an advance.

Hence, the current technical setup suggests that a sustained break above the 8 day moving

average placed at the `93 levels will see the price of zinc testing levels of `95.60 and/or`97.50

levels on the upside.

We recommend traders to buy on a break above `93 levels with a stop loss placed below `91.45

levels for upside targets of`95.60 /`97.50 levels expected to be achieved over the upcoming 3-

4 sessions of trade.

MCX ZINC

OCT.CONTRAC

OPEN ` 92.40

HIGH ` 92.75

LOW ` 90.75

CLOSE ` 92.50


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Oct, 11

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COMMODITIES TO WATCH

MCX Pepper Oct CMP`35840.00

Technical Out look & Trading Strat egy:-

We reiterate our bullish bias on the price of pepper. As mentioned in our previous note the price of pepper was

consolidating in a narrow trading range over the past few sessions of trade, since it corrected from its all time highs. The key moving average clusters have been providing good support for the price of pepper. The

momentum indicators continue to trade in buy mode despite the recent correction.

We recommend day / positional traders to take Long positions on a break above `36200 levels with a stop loss

placed below `35620 levels for upside targets of`36780 /`370000 levels.

INVENTORY DATA

LME Warehouse Stocks (Inventory) and Volume06 Oct 2011

METALSInventory Volume

MT +/- MT +/-

Aluminum 4,551,750 -4,850 6,107,400 1,935,625

Al Alloy 135,920 0 92,400 23,440

NASAAC 151,460 60 62,900 6,480

Copper 471,725 -3,200 3,762,700 1,079,350

Lead 380,875 1,175 1,703,575 826,550

Nickel 94,884 -498 147,582 -6,624

Tin 20,705 180 20,405 25

Zinc 810,725 -3,800 2,126,225 228,775

KEY SUPPORT RESISTANCE LEVELS

Commodity Support 1 Support 2 CLOSE-PRICE Resistance 1 Resistance - 2

NCDEX Chana 2984 2937 3030 3123 3215

NCDEX Pepper 35523 35207 35840 36173 36507

NCDEX Soya Oil 595 588 602.15 608 614

NCDEX Jeera 13996 13755 14237 14560 14883

NCDEX Guarseed 4127 4006 4247 4395 4542

MCX Copper 348 338 357.35 363 369


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Oct, 11

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MCX Nickel 926 915 936.40 945 953

MCX Lead 96 95 96.35 97 98

MCX Silver 51993 50748 53237 53985 54732

MCX Gold 26327 26143 26510 26647 26783

MCX Crude 3941 3843 4038 4103 4167

Disclaimer

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Commodity Outlook 07.10.11