Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: The counter looks strong above 288 levels, as prices have taken support right at the trend line and also completed its 50% retracement. Thus copper and resume its uptrend in near term if maintains above 287 for the day. Breaching 300 levels on upside can take prices higher to 305-306 levels for the day.
Nickel prices are trading range bound with support at 900 levels and resistance at 945 levels. The RSI have picked up yesterday with positive close. The counter is expected to remain positive above the 900 levels, breaching which prices can move southwards. The bias remains on upside for the day, breaching 945 on upside can inch-up prices to 985-90.
Aluminium prices are trading range bound with support around 91 and resistance at 99.2. The counter can resume its uptrend above 99.2 levels. For the day prices can inch-up above 96, targeting 99 levels. However breaching 91 can trigger southwards movement in the counter.