Traders/Investors can take fundamental sell position in MCX Zinc (August) in range of 106.90-107.60 for target of 103 and 100 with stop loss of closing above 109.50.
MCX Lead (August):
Investors can take fundamental sell position in MCX Lead (August) contract in range of 120.80-121.80 for target of 116 and 114 with stop loss of closing above 124.10.
Commodity Outlook (Zinc and Lead)
Zinc and lead have shown stunning recovery recently as Greece passed austerity measures but this will be short lived and it is only relief measure because overall euro zone problems is much bigger. Macroeconomic jitters surrounding Europe`s debt crisis and potential monetary tightening in top buyer China will continue to weigh on the prices. Moody`s cut Portugal`s credit standing to junk, warning the country may need a second round of rescue funds before it can return to capital markets. So the inflationary concerns in China, Middle East tensions and spread of debt crises in Europe will continue to keep the prices under pressure.
MCX Lead (August):
Investors can take fundamental sell position in MCX Lead (August) contract in range of 120.80-121.80 for target of 116 and 114 with stop loss of closing above 124.10.
Commodity Outlook (Zinc and Lead)
Zinc and lead have shown stunning recovery recently as Greece passed austerity measures but this will be short lived and it is only relief measure because overall euro zone problems is much bigger. Macroeconomic jitters surrounding Europe`s debt crisis and potential monetary tightening in top buyer China will continue to weigh on the prices. Moody`s cut Portugal`s credit standing to junk, warning the country may need a second round of rescue funds before it can return to capital markets. So the inflationary concerns in China, Middle East tensions and spread of debt crises in Europe will continue to keep the prices under pressure.
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