Base metals – Range bounce trade today – Generatebucks.com - Localslot

Monday, September 10, 2018

Base metals – Range bounce trade today – Generatebucks.com



Base metals have been following a confused trade with Rupee falling and slow international markets. Last week was mixed for all base metals and few trading sessions were green.

Not much has changed since last week. With no solution on trade war between US-China, analyst have mixed thoughts about base metals

Looking at individual base metals

Copper

Copper has been trading range bound for some time now and we expect the trend to continue. The market might turn bearish depending on the fundamentals but for intraday today, initiating short is advisable.

I would recommend initiating short at 424 with target of 419 and SL of 427. Another trade could be buying above 427 for target of 432 and SL of 424. Although, market is bearish and sellers will dominate

Zinc

Not much has changed for Zinc. We saw a deficit in Zinc inventories last week and that didn’t impact the prices much. We saw a short rally on MCX but on Friday, Zinc was again seen trading at 174. It is advisable to short Zinc at 175.50 or target of 173 and SL of 176.

Aluminium

Aluminium has been a stable counter and traders gave bullish views despite heavy trade tensions. For intraday, we can see Aluminium prices following bearish trend.

Base metal trading tips - Generatebucks.com


I would advise a short at 147.50 with short target of 146 and SL of 148.50

Nickel

Nickel has been trading at lower levels and we can see a bottom out level. I would advise to be a long position and make profit.
Buy Nickel at 885 for target of 910 and SL of 850.

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