Mcx aluminium future this week closed with loss. This was third losing week for aluminium future. This week aluminium prices hit high around 103 while low was near 99. Almost 4 rupee or 4% weekly volatility and closed with loss. On weekly chart aluminium price trend is down and indicators are oversold. For next week, aluminium future support zones are 98 and 95 while on upside 101.5 and 105 are strong resistances. For long term investors it is buying opportunity.
Mcx copper future this week copper future closed at 329.7 with loss. This was sixth losing week for copper prices. This week copper prices hit high around 336 while low was around 327. Total 9 rupee range or 3% weekly volatility and closed with loss. Weekly chart copper price trend is down and indicators are oversold. From here downside looks limited and technical bounce back is still due.
For next week, copper future support zones are 324 and then 310. On upside 334 and 354 are resistances as well as target zones on bounce back.
Mcx lead future this week closed with gain. This was first positive week for lead prices after last 2 weeks sharp selling. This week lead prices hit low around 107 while high was at 111.5. Total 4.5 rupee range and closed with gain. On weekly chart lead price trend is down but this week positive closing increased recovery rally chances for next week. On upside 114.5 and 117 are strong resistances of major weekly averages. On downside 107 and 103 are strong support zones.
Mcx nickel future this week closed with loss. This was third weekly loss for this base metal. This week nickel future hit high around 708 while low was at 686. Total 22 rupee weekly range or 3% weekly volatility and closed with loss. For next week nickel future support zones are 668 and 620. On upside 725 and 760 are strong resistances as well as target zones on technical bounce back.
For long term investors strategy will remain buy and accumulate for price target 835.
Mcx zinc future this week closed with loss at 118.5. This was third losing week for zinc future. This week zinc prices hit high around 124 while low was at 117. Total 7 rupee range or 5% weekly volatility and closed with loss. Zinc weekly chart price trend is down and indicators are deeply oversold.
For next week, zinc future support zones are 115 and 113 while on upside 124.6 and 130 are resistances as well as target zones for medium to long term investors. Investors must keep buy and accumulate view here.