AHMEDABAD (Commodity Online): On Wednesday evening after a brief decline, prices soared with positive bias in market. Lead price have given some bottom fishing in market. This week was one of promising weeks for gain in all industrial metal like zinc, lead, copper and other metals. In local market price was trading with positive sentiment.
After series of fall in metal price, metal traders got relief by earning handsome profit in last two weeks. Traders seem to be interested in buying this metal at lower rate. Positive Global cue and stockpiles also play important roll to bust price in from bottom.
On Thursday at MCX counter, lead July contract opened at 92.75, up by 0.05 percent chance. Price is trading at 93.10 with open interest of 5768 and total volume of 3130 at 12:37 PM.
Lead price supported at 92.60 with corresponding resistance of 93.71. Lead price have broken 100 days moving average last week. Positive outlook is supporting price to go up side, according to Amrita Mashar, Analyst with Commodity Online.
Base metal prices again traded with positive bias after witnessing selling pressure on weak US consumer confidence data. Though metal prices went up as shares in Hong Kong and Shanghai rose after china's central bank ruled out any big policy changes in the coming months.
Buying momentum will continue as attraction of buying on bottom intact in the metals. Lead price is expected to reach up to 95 and even above till 100 in coming weeks.
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