Base metal commodity report for 19 october 2016

mcx aluminium metal commodity report for 19 october 2016 Mcx aluminum future closed at 109.2 with the loss. As expected aluminium prices are given correction before moving upward. My corrective target of 108.8 is almost meet. For intraday expect some pressure and downside up to 108-108.5 which will be best buying opportunity with short to medium term view. On upside 110-112 and 113.55 are target zones. Closing below 108 means downtrend for this commodity and target of 106 rupees. mcx copper metal commodity report for 19 october 2016 Mcx copper future last closed with a loss at 312.55. Copper price is in a downtrend but technically oversold. On downside 310 and 306 are major technical support zones while on upside 317 and 323 are resistances as well as short to medium term target zones. If copper sustain below 310 then expect panic selling up to 302-303 rupee levels. mcx lead metal commodity report for 19 october 2016 Mcx lead future last closed at 131.3 with the loss. This is very weak and fragile commodity now. This was a sixth losing session for this base metal and prices are heading downside towards 130 and 128 targets. On upside 133.8 and 136 are strong resistance zones as well as fresh short entry zones. Here something fundamentally looking wrong and lead prices in panic have ability slide up to 118 levels in medium to longer terms. mcx nickel commodity report for 19 october 2016 Mcx nickel future last closed at 695 with gain. Here now we are seeing some outperformance as yesterday most base metal tumbled, we saw buying in nickel. On upside 703 and 710 are intraday resistances as well as target zones while on downside 688 and 680 are mcx nickel intraday support levels. My swing targets are at 720 and 734. mcx zinc commodity report for 19 october 2016 Mcx zinc future last closed at 152.35 with gain. As expected recovery phase continues here and we saw high near 154. From a low of 148. Here keep buy on dips view for a minimum target of 154.8. Above 155, zinc commodity will enter into the bullish trend and in that scenario short to medium term targets will be 162 and above. For intraday mcx zinc support zones are 151 and 149.5 while 153 and 154.8 are intraday resistance levels.For mcx commodity tips on WhatsApp with live support and follow-ups join our commodity tips service.

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Pramod Baviskar

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