Base metals trade mixed on Friday

Here is the global trend and our view on base metals.

Oct 18, 2019 03:10 IST India Infoline News Service

On Friday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was down 0.19% at $1,725.75, whereas Copper was up 0.06% at $5752. Zinc was down 0.24% at $2,425.75, while Lead was flat at $2186.25.

Metal prices opened on a mixed note on Thursday’s trading session. Aluminium price has taken support of its falling trend line at 133 levels on the hourly chart, while Lead price has taken support of its rising trend line at 155 levels on the hourly timeframe. Momentum indicator RSI has shown positive crossover on the hourly chart, which indicates bullishness in the prices.

MCX Nickel price has given breakdown of its rising trend line at 1200 levels on the hourly chart. Nickel prices is trading below its 50 day moving average, which indicates short term trend remains weak.

Zinc price has faced resistance of its rising trend line at 186 levels, on the hourly chart. Zinc prices is trading below its super trend indicator, which suggests negative momentum in the price.

Copper price has faced resistance of its rising trend line at 440 levels during the last session. MCX Copper price is trading below its super trend indicator on the hourly chart, which indicates medium trend remains down. Based on above technical parameters MCX Copper is looking bearish with a potential to reach 434.

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