3/18/2011 06:37:00 PM
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Base Metals Complex on COMEX and LME continued to end in green yesterday as they got support from U.S. Philadelphia Manufacturing Index which expanded at the fastest pace since 1984. The index buoyed by surge in factory orders increased to 43.4 in Mar, 2011 from the prior months 35.9 nderscoring the Fed’s view of U.S. economic expansion on “firm footing”. Copper Apr futures on COMEX and three month futures on LME showed a day’s gain of 3.56 percent and 3.58 percent respectively. U.S. Industrial Production Index negated the analyst’s expected rise by 0.6 percent and showed a modest decline by 0.1 percent to 95.5 in Feb, 2011 following 95.6 in Jan, 2011 when it rose by 0.3 percent.
Crude Oil Apr futures on NYMEX rose yesterday by 3.51 percent for the second consecutive day to $101.42 per barrel from $97.98 per barrel on 16th Mar, 2011. Prices mainly got support from the escalating tensions in Bahrain and Libya. The U.N. decision of imposing a no – fly zone and going for an air strike with Gaddafi’s forces would further support the Crude oil futures. Today Crude oil prices will face resistance at $103.46/barrel and $105.4/barrel i.e. at Rs.4,651/barrel and Rs.4,716/barrel in MCX Apr contract while on the lower side prices can take support at $98.0/barrel and $94.6/barrel i.e. at Rs.4,478/barrel and Rs.4,370/barrel in MCX Apr contract.
Zinc prices have resistance at Rs.106.4/kg and Rs.107.7/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to find support at Rs.103.3/kg and Rs.101.6/kg level.
Nickel prices have resistance at Rs.1,190.3/kg and Rs.1,206.6/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to take support at Rs.1,146/kg and Rs.1,118.0/kg level.
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