With dropping euro against dollar for a second day resulting base metals complex to trade with negative bias as dollar recovered with mounting concern that US governments in the 16 nation currency areas will struggle to reduce their budget deficits.
LME metal complex noted nearly one percent loss with zinc and nickel was the biggest loser.
On the other side, red metal stocks noted continuous decline with stocks at LME warehouse stood at 375275 tonnes, the lowest level since November.
This is the first annual contraction since 2004 as they have slid 25 percent this year, noted 31st weekly drop in a row.
Nickel prices down by 1.5 percent with prices fell below $22800 on LME. Cash metal's backwardation compared with the 3-month price swelled yesterday to $27 a ton, the widest level since Sept.1, 09. Immediate delivery nickel was at a discount of $8.
Copper has resistance of $8000 at LME and 359 in MCX with support lies at ` 356. And Zinc has support of 96.5 and resistance of 98.
Nickel getting support at 1030 and resistance near 1045. Lead has support at 100 & resistance at 101
