MCX Lead June dropped to a low of 76.50 on Tuesday afternoon, registered days high near 78.30. Move was supported by LME inventory data. Before it Lead June registered contract low near 75.40 on Monday.
Lead stockpiles monitored by the London Metal Exchange posted the biggest daily gain in eight months.
Inventories tracked by the exchange jumped 11,550 metric tons, or 14 percent, to 94,875 tons, according to LME data. That’s the biggest increase since Oct. 17.
Technical Outlook:
Lead technically is neutral to bearish signaling sideways to lower prices in the near term. Initial support for the market is around 75.5 levels. If broken can see further fall to 73.9 and 72.4, If market holds above 77.0 further rally can be seen towards 78.6 and 80.1
Regards
Kamlesh Jogi
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