3/15/2011 06:18:00 PM
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Base Metals continued to face the heat yesterday due to dampened demand from Japan as factories have shut down production due to power cuts. Copper Apr futures on COMEX pared their prior trading day’s gains and fell by 0.51 percent to $4.1735 per pound yesterday from $4.1950 per pound the prior day. Although Euro zone Industrial Production Index rose in line with the analyst’s expectation by 0.3 percent in Jan, 2011 to 100.4 following a 0.3 percent rise to 100.3 in Dec, 2010; but the rise failed to support the Base Metals Complex.
Gold Apr futures on COMEX continued to end in green yesterday and rose by 0.22 percent to close at $1,424.9 per troy ounce from $1,421.8 per troy ounce the prior day. Silver Mar futures on COMEX however pared its prior day’s gain and ended down by 0.3 percent to close at $35.825 per troy ounce from $35.933 per troy ounce. Holdings at SPDR Gold ETF fell by 1.82 tonnes to 1,213.65 tonnes yesterday while that of iShares Silver trust remained unchanged. Gold/Silver ratio edged slightly up to yesterday to close at 39.7 from 39.46 the prior day indicating that the white metal still holds some investment demand.
Silver prices likely to face resistance at $36.4/troy ounce and $36.9/troy ounce level i.e. at Rs. 54,336/kg and Rs.54,698/kg level in MCX March contract. While on lower side prices can take support at $35.4/troy ounce and $35.0/troy ounce level i.e. at Rs.53,621/kg and Rs.53,268/kg.
Zinc prices have resistance at Rs.105.9/kg and Rs.106.9/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to find support at Rs.103.4/kg and Rs.101.9/kg level.
Nickel prices have resistance at Rs.1,185/kg and Rs.1,196.3/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to take support at Rs.1,159.9/kg and Rs.1,146/kg level.
Lead prices are expected to have resistance at Rs.116.6/kg and Rs.118.2/kg level in MCX March contract and selling can be seen there. While on lower side prices have support at Rs.111.8/kg and Rs.108.7/kg level.
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