In last session we seen sharp selloff in mcx base metal commodities with 2 to 4% losses in intraday.
For today, mcx aluminium future intraday support is at 105.8. Currently aluminium Sep future is trading at 106.8 with loss. In intraday if comes around 105.8 traders can buy for bounce back target of 107.5 with strict stop loss in place.
Copper future around 354-352 will be buy with stop loss. Bounce back up to 360 to 364 can be expect in 1-2 trading sessions.
Mcx lead future is trading at 111 with minor gains for the day. On downside, 110 and 107 are support zones and buying opportunity levels for traders.
Mcx nickel once gain broke down and testing lower levels. Here outlook is very bearish and nickel might show 620-600 levels in medium terms. For short term if comes around 682 then that will be fresh shorting opportunity with stop loss.
Mcx zinc future on last session slumped by 4% plus. Today trading with gain on value buying. 115 is intraday support and on intraday correction, traders can buy around this level with stop loss for short-term target 120. Below 115, next support zones are 109.5 and 106.