Friday, 9 October 2015

Zinc......11% up. Minted money in toneeeees

We have seen mind blowing rally in base metals... Hope you all enjoyed a lot!!

Image result for MCX base metal  fire
Now what to expect???

Zinc... From 112.50---120.75. Target of 121 almost achieved  successfully. Now above 121 will see further upside rally till 123---124.50+ mark

Lead.... From 112.50---117.90. Made a high of 117.90. Target level of 118.50 almost achieved. Close above 118.50 will take to 120---121.50+ mark
Aluminium... From 102---104.90. Target level of 105 almost achieved. Above 105 will see further upside rally till 106.50 and then to 108---109 mark in days to come
Nickel... From 660---699. Made a fresh high of 699. Above 703 will see further upside rally till 713----725 and then to 740+ mark in days to come


More will update soon...

Zinc jumps 8% as Glencore cuts production, weak dollar- News wire

 Image result for glencore

Prices of zinc jumped 8% in afternoon trades Friday on supply concerns after Glencore announced to cut production of the metal and after the dollar weakened against other currencies

 Prices of zinc and lead were supported on supply worries after Glencore, the world's biggest metal producer, announced production cuts. Glencore will cut nearly 0.5 million tons of zinc production which nearly amounts to 3.5% of global output.

Lead production by Glencore will also be cut by nearly 0.1 million tons. Prices of industrial metals were also be supported by lower stockpiles of metal on London Metal Exchange (LME), indicating tight supply situation. Copper inventories slipped by 250 tons to 305,225 tons, aluminium stockpiles dropped by 7,900 tons to 3.13 million tons, lead inventories fell by 700 tons to 156,575 tons, zinc stockpiles slumped by 575 tons to 587,350 tons and nickel inventories by 2,100 tons to 441,492 tons, LME data showed Friday.

  Prices of red metal were also be supported after Chile's Collahuasi mine, the world's largest producer, said last week that it will reduce production by 30,000 metric tons a year in response to low prices. The mine accounted for 6% of global production in 2014.

  Red metal prices will also supported after International Copper Study Group (ICSG) said the copper market will have small deficit of around 130,000 tons in 2016, compared with a prior estimate of a 230,000 tons surplus.

  Nickel prices were also supported as global demand for nickel is expected to increase to 1.96 million tons in 2016 compared to 1.90 million in 2015, as per the INSG. 

   At the same time, global output of nickel is expected to shrink to 1.94 million tons in 2016 compared to 1.95 million tons in 2015.
  Prices of base metals were also supported by weak dollar against other currencies following dovish FOMC minutes.
  The weak dollar against other currencies boosted investors' appetite for dollar-denominated commodities.  


More will update soon...

Update on Crude oil....

Crude oil

Clearly indicated to buy Crude oil in panic and too we revised stop loss of 3050. Today made a fresh high of 3286


Image result for crude oil

Now what to expect???
Crude oil has support at 3180---3120 and resistance at 3290---3330
It could test its resistance level of 3290---3330 mark. Three consecutive closes + weekly close above 3330 will see further upside rally till 3450---3530+ mark in days to come else it could test its support level of 3180---3120 again
Further panic seen only close below 3050 mark

Trade with levels only

More will update soon...