Mcx aluminium future this week closed with loss. After last week bounce back prices once again seeing supply from market over china issue and growth concerns. This week aluminium prices hit high around 102.6 while low was at 100.25. Total 2.2 rupee or 2% weekly swing and negative closing. On downside 99 and 96 are support zones and if recovery fails expect these support to tested-out in next week. On upside 104.4 and 107.5 are strong resistances and recovery rally target zones.
Copper future this week closed with loss but recovered almost all losses till the end. A bullish bar pattern is formed on weekly chart suggesting copper is bottomed out on weekly chart. This will get confirmed in next week’s closing. This week copper hit high around 339 while low was at 326. Total 13 rupee or 4% weekly range and closed with loss. For next week, copper future support zones are 320 and 305 and on failure on recovery this will result in target levels. On upside 350 and 364 are resistances as well as target zones for recovery rally.
Mcx lead future this week closed with loss. Lead future after last week’s positive closing closed in red on profit booking. This week lead future hit high around 114.65 while low was at 109.5. Total 5 rupee weekly range and closed with loss. This week lead tested its 3 month average and closed below it with bearish reversal signal. For next week 111 and 104 are support zones as well as target zones for lead prices if downtrend continues. On upside 115.6 and 123.25 are resistance levels.
Mcx nickel future this week closed with loss. This was fifth losing week for nickel prices. This week nickel hit high around 700 while low was at 661. Total 39 rupee range and closed with loss. Nickel future technically oversold so bounce back is due here. On downside 646 and 599 are support zones while on upside 715 and 760 are resistances as well as targets for recovery rally.
Mcx zinc future this week closed with loss. After last week’s bounce back prices succumbed to selling pressure and closed in red. This week zinc future hit high around 120 while low was near 115. Total 5 rupee range and closed with loss. Zinc also trading in oversold state on weekly chart. For next week zinc future has support around 113 and 106. While on upside 118 and 126 are strong resistances.