At MCX counter on Tuesday morning, Industrial commodities stay strong after sharp declined in earlier weeks. Meanwhile, Gold and Silver remained within recent price ranges, they moved toward the higher ends of these ranges. There has been net buying as investors move out of equities and risk bearing assets.
“Technically, Base Metals seem to be mix trend from now. In today’s buying momentum, Zinc and Nickel future emerge as shining start among all Industry metals. Still Zinc price is lagging behind Aluminum and Lead price from current levels. For Zinc future, I am expecting a strong bull tone from this level in coming days till 105,” said Amrita Mashar, analyst with Commodity Online.
On account of bottom fishing, metals prices boom range on positive note. Weakness in Dollar raised appeal to buy these metals as an alternative investment for earning good profit in near term.
A series of data releases is coming up in the weeks ahead, including PMI, unemployment claims and US nonfarm data, which, I think might have boost the market sentiment, she added.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
