This document provides a commodity report on base metals dated August 24, 2019. It includes technical analysis and recommendations for aluminum, copper, lead, nickel, zinc, and factors influencing the base metal markets such as China raising import tariffs on US scrap metals. The technical analysis sections provide support and resistance levels and analyze recent price action and patterns. The recommendations suggest selling various metals at target prices with stop loss levels.
2. 1
BASE METAL REPORT
24 August 2019
COMMODITY REPORT BULLION -
GOLDFactors Influencing the Market
• China to Raise Import Tariffs on U.S. Scrap Copper, Aluminum From December 15.
• Canada sets aluminium transshipment measures in deal to end Section 232 tariffs
• Auctions conclude for aluminium, alumina stocks from Qingdao warehouse fraud
TECHNICALANALYSIS
(ALUMINIUM)
• SUPPORT 137.78 AND RESISTANCE 151.63
Aluminium Aug daily chart has formed “DECENDING TRIANGLE" pattern. The last few sessions ended up in sideways trend along with some
corrections inside the channel. The market is expected to continue on the bearish momentum based on the current price action, once the
same breaks below a key support holding at 138.50. the downside rally could be testing all the way through 137-135 level in the upcoming
sessions. Alternatively, if key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to
142 level. Key support holds at 142.
RESEARCH RECOMMENDATION
SELLALUMINIUM 138.20 TGT- 135 SL 141
3. 1
BASE METAL REPORT
24 August 2019
COMMODITY REPORT BULLION -
GOLDFactors Influencing the Market
• Copper conc TC/RCs rebound slightly mid-Aug on stable smelter purchase terms
• China adds extra 5% tariff on US-origin copper scrap, aluminium scrap
• Copper futures rise 0.75% on spot demand, global cues At the MCX
TECHNICALANALYSIS
(COPPER)
• SUPPORT 434.67-397.18 AND RESISTANCE 455.53
Copper Aug daily chart has formed “THREE INSIDE DOWN” candlestick pattern. The last few sessions been in sideways trend along
with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price
action, once the same breaks below a key support holding at 443. The downside rally could be testing all the way through 438-432
level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish.
The upside rally could test up to 455 level. Key resistance holds at 455.
RESEARCH RECOMMENDATION
SELL COPPER AT 440 TGT- 434 SL 451
4. 1
BASE METAL REPORT
24 August 2019
COMMODITY REPORT BULLION -
GOLDFactors Influencing the Market
• Lead prices were trading higher by 0.13 per cent to Rs 155.25 per kg in futures trade
• participants built up fresh positions driven by pick-up in demand at the spot market.
• fresh positions created by traders due to upsurge in demand by battery-makers in the physical market mainly
helped lead prices to trade higher.
TECHNICALANALYSIS
(LEAD)
• SUPPORT 151.25 AND RESISTANCE 158.82
Lead Aug Daily chart has formed Strong consolidation. The last few sessions ended up in sideways trend along with some
corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the
same breaks above a key resistance holding at 156. The upside rally could be testing all the way up to 157-158 levels in the
upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The
downside rally could test up to 153-152 levels. Key support holds at 152.
RESEARCH RECOMMENDATION
SELL LEAD AT 153.55 TGT- 150 SL 158
5. 1
BASE METAL REPORT
24 August 2019
COMMODITY REPORT BULLION -
GOLDFactors Influencing the Market
• Nickel prices went up by 0.3 per cent to Rs 1,120.90 per kg in futures trade on Friday as speculators raised their
bets on spot demand.
• nickel for delivery in August contracts gained Rs 3.40, or 0.3 per cent
• Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced
nickel prices here
TECHNICALANALYSIS
(NICKEL)
• SUPPORT 976.5-928 AND RESISTANCE 1151.1
Nickel Aug daily Chart has formed “FLAG" pattern. The last few sessions been in sideways trend along with some
corrections inside the channel. The market is expected to continue on the bearish term based on the current price action,
once the same breaks below a key support holding at 1112. The downside rally could be testing all the way through 1100-
1090 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the
same and turn bullish. The upside rally could test up to 1140 level. Key resistance holds at 1140.
RESEARCH RECOMMENDATION
SELL NICKEL 1104 TGT- 1029 SL 1172
6. 1
BASE METAL REPORT
24 August 2019
COMMODITY REPORT BULLION -
GOLDFactors Influencing the Market
• speculators built up fresh positions, taking positive cues from the spot market.
• On the Multi Commodity Exchange, zinc for delivery in August traded 60 paise
• Marketmen said fresh positions built up by participants due to pick-up in spot demand led to rise in
zinc futures.
TECHNICALANALYSIS
(ZINC)
• SUPPORT 182-169.28 AND RESISTANCE 196.68-208.57
The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected
to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding
at 186. The upside rally could be testing all the way through 188-190 level in the upcoming sessions. Alternatively, if the
key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to
181 level. Key support holds at 181.
RESEARCH RECOMMENDATION
SELL ZINC AT 181.50 TGT-172 SL 190
7. 3
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