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Copper May Leap Forward On Increase Of Long Positions

Copper prices are set to test fresh intra day peaks today. Hefty buying is set to initiate further push in Copper. On Tuesday the easing of tensions in Chile molded the prices to sell but that was only before the US manufacturing data was released. After the release of the data positive sentiments for the economy again lured participants.

MCX Copper which ended the trading session of Tuesday at Rs 347.35 per kg unaltered from Monday is now up Rs 4 or 1.09%. The prices have so far tested a high of Rs 351.35 and are all set to reach Rs 353.

New orders for manufactured goods increased by more than anticipated in the month of November, according to a report released by the Commerce Department on Tuesday, with the strong growth reflecting a notable increase in orders for non-durable goods.

The report showed that factory orders increased by 1.1 percent in November following an upwardly revised 0.8 percent increase in October.

Chilean mining giant Codelco on Monday made an improved wage offer to workers at its large Chuquicamata complex, which might defuse a day-old strike.

Copper May Leap Forward On Increase Of Long Positions

Copper prices are set to test fresh intra day peaks today. Hefty buying is set to initiate further push in Copper. On Tuesday the easing of tensions in Chile molded the prices to sell but that was only before the US manufacturing data was released. After the release of the data positive sentiments for the economy again lured participants.

MCX Copper which ended the trading session of Tuesday at Rs 347.35 per kg unaltered from Monday is now up Rs 4 or 1.09%. The prices have so far tested a high of Rs 351.35 and are all set to reach Rs 353.

New orders for manufactured goods increased by more than anticipated in the month of November, according to a report released by the Commerce Department on Tuesday, with the strong growth reflecting a notable increase in orders for non-durable goods.

The report showed that factory orders increased by 1.1 percent in November following an upwardly revised 0.8 percent increase in October.

Chilean mining giant Codelco on Monday made an improved wage offer to workers at its large Chuquicamata complex, which might defuse a day-old strike.

Copper Gains As Strikes In Chile Mine Begins

Copper prices tested 18 month highs in MCX on Monday facilitated by positive triggers from Chile and participation of long positions. MCX Copper gained more than 1% during the day to test a high of Rs 349 per kg and ended at Rs 347.35 per kg up Rs 3. Copper stocks rose on Monday by 75 tonnes to 502400 tonnes.

Workers at Chile`s Chuquicamata, the world`s second biggest copper complex, began a strike over pay early on Monday, a union leader said, hitting output from global No. 1 producer Codelco. Codelco sources have estimated the Chuquicamata complex in far northern Chile, which includes the Chuquicamata and Mina Sur deposits and produces around 4 percent of the world`s mined copper, will lose up to 1,800 tonnes of copper output per day and cost the state around $8 million per day in lost revenue. Chuquicamata was expected to produce 565,000 tonnes of copper in 2009.

Source : Capital Market

Technical Breakouts In Lead Ignore Movements Of Dollar

Dollar movements against the EURO have been completely ignored by Lead during its intra day moves. There has been a technical breakout in Lead which has helped the contract to move up by more than 1%. MCX Lead benchmark contract is trading at Rs 114.75 per kg up Rs 1.35. The contract is expected to test 116 levels if the trend continues.

Meanwhile Dollar is trading at 1.417 up 10 pips. The greenback tested a high of 1.4254 and a low of 1.4348 against the EURO.

Prices movements have also brushed aside LME inventories data which has seen substantial rise. The inventories are now at 146500 tonnes up 6% from 138450 tonnes on 1st Dec 2009.

Source : Capital Market

Oil Bursts Above $80 A Barrel On Data Optimism

Crude oil bursts above $80 a barrel today as the strong China PMI data fueled optimism that demand for energies will improve in 2010. The strength in dollar is capping the rally in the dollar denominated assets.

China`s PMI rose to 56.6, the biggest increase in 20 months, in December from 55.2 a month ago.

Oil`s advance for the 8 day is also due to the abnormally cold weather in the US as it will likely increase demand for energy, particularly heating oil and natural gas.

MCX crude oil futures are trading pale following the sharp rally in Indian Rupee. The Indian rupee today gained 7 paise against the US currency in early trade on increased capital inflows into stock markets in line with firming global cues. MCX January oil is down Rs 6 at Rs 3721 per barrel.

The US will release manufacturing ISM, FOMC minutes and December employment report this week. ISM manufacturing probably improved to 54 in December from 53.6 a month ago. A better-than-expected reading should lift the dollar as it raises the chance for an early Fed rate hike. Currently, the market has factored in a 60% chance that the Fed will hike its policy rate by at least 25 bps by June. Moreover, pay attention to ISM components such as `new orders` and `imports` as there are signs that these indices are leading indicators for distillate demand.

However, the most important event for the week should be the employment rate to be released Friday. Improvement in jobless claims in 4Q09 signaled recovery in the job market. Analysts anticipate the number of non-farm payrolls stopped declining while the unemployment rate stayed flat in December.

Source : Capital Market

Spot Market Update: Jeera Rises At Unjha Mandi

Jeera prices have been augmented by Rs 100 per quintal in today`s trading and were quoted at Rs 13300 per quintal at Unjha mandi. The total arrivals of jeera were at 5000 bags against the total arrivals of around 7000 bags reported from the previous day.

Some buying was seen in futures market as the prices of January Benchmark contract have been swelled by Rs 38 per quintal, quoted at Rs 14694 per quintal.

Source : Capital Market

Copper Likely To Gain Momentum On The Start Of New Year

Copper prices are likely to open in green at the start of the new session of 2010. The prices significantly gained during 2009 and a kick start is expected when it resumes trading on MCX today.

MCX Copper on its last outing was Rs 344 per kg on 2nd Jan 2010.

Three-month copper on the London Metal Exchange rose $45 to close to $7,375 a tonne On Dec. 31, ending the year up almost 140 percent. LME copper stocks continued to climb, up 6,375 tonnes to 502,325 tonnes on Thursday, highest since early April 2009.

Jiangxi Copper Co, China`s top producer of the metal, has achieved its 2009 output target of 800,000 tonnes of refined copper even though production has fallen this month because of annual repairs, a company spokesman said on Wednesday.Workers at Chile`s Chuquicamata copper mine are set to start a strike later today, which is expected to keep prices on high levels.

Source : Capital Market

Spot Market Updates:Mentha Oil Rises At Chandausi Mandi

Mentha oil witnessed some buying in today`s trading on the heels of bargain buying of traders at lower levels.

As per market sources, major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 220-250 drums against 440 drums reported earliar .The spot prices at Chandausi mandi were at Rs 645 per kg, up Rs 7 from previous day.

The Mcx benchmark January future prices have been increased by Rs 5.70 per kg in today`s trading days and are currently trading at Rs 602.70 per kg.

Source : Capital Market

Gold Moves Up; Poised To End Year Up Nearly 25%

Gold neared $1100 again in the Asia electronic session as the dips in the commodity continued to allure the investors to buy it. As the year 2009 comes to an end gold is about to end the year with gains of nearly 25%.

Gold for immediate delivery increased 0.5% to $1,097.90 an ounce. Gold for February delivery in New York advanced 0.5% to $1,097.60 an ounce. As far as the counter stays above $1092 it looks bullish.

The precious metal declined 7% in December, dropping for the first time in four months as the dollar rebounded from a 15-month low against major global currencies.

In 2009 it fetched a return of more than 25% and looking over in the year 2010 Gold would continue to be the most desired metal. COMEX Gold may target $1300 in the mid of 2010 and may also visit the $1400-1600 benchmarks late in the year. There are likely to be periods of widespread risk reduction that carry Gold prices lower too, but each dip is expected to attract strong scale

MCX February gold futures are up more than Rs 30 at Rs 16684 per 10 grams. It looks bullish until stays above Rs 16650 levels and may target Rs 16720 levels.

In 2009 the Indian gold futures had a solid volatility of more than Rs 5000 indicating the high liquidity of the metal. Looking ahead the metal`s future looks rosier, the Indian gold futures may rise to Rs 20000 level in mid of 2010.

Copper Strides High On MCX

MCX Copper is striding high in the early moves today as a renewed optimism in the commodity space after a bullish Chicago PMI continues to pop the metal up. The US copper finished at 16-month highs Monday, pushed up by lower inventories of the metal on the Shanghai futures exchange and a weaker U.S. dollar amid light, holiday-crimped trading.

A strike at Chile`s Altonorte smelter plant owned by Xstrata lent further support to prices, even as workers in the country`s giant Chuquicamata copper mine run by Codelco were expected to vote against work stoppage.

Benchmark copper for March settled up 4.40 cents, or 1.3 per cent, at $3.3365 per pound on the New York Mercantile Exchange`s Comex division. The contract had surged during the session to $3.3440, its loftiest level since Aug. 25, 2008.

The Chicago Business Barometer surged to 60.0, the third month of expansion. The production index increased 8.2 points to 65.8, the new orders index moved slightly higher to 63.5 and the order backlogs index rose 6.5 points to 53.0.

The Business Barometer jumped to 60.0 in December, the highest level in four years. The production, new orders and order backlogs indices also rose. Employment increased for the first time in more than two years.

COMEX Copper currently trades at $3.3655, up 2.85 cents from the previous close. MCX Copper futures opened at Rs 344.95 per kg and hit a high of Rs 347 in no time. The counter currently trades at Rs 346.25, up Rs 1.60 or 0.46% from the previous close with 1.80% drop in the open interest. Prices are nudging close to the Rs 350 threshold and some selling might emerge in intraday moves around this level.

Source : Capital Market

Zinc Prices Keep Strength Going Their Way

Zinc prices remained strong in the mid-day trades. The prices are expected to recover on technical breakouts. MCX Zinc is trading at Rs 119.40 per kg up 1%. The prices are expected to climb towards Rs 120.50 levels in next few sessions.

The global zinc market was in surplus by 403,000 tonnes in the first 10 months of 2009, the Lisbon-based International Lead and Zinc Study Group`s (ILZSG) monthly bulletin showed recently.

Global refined zinc use was 8.831 million tonnes in the January to October period, down from 9.695 million tonnes a year earlier. World refined zinc output was 9.234 million tonnes, down from 9.761 million in the same period last year.

Source : Capital Market

OPEC Production Cuts Drags Oil Economy In Venezuela Down By 6.1% In 2009

The crude oil sector in Venezuela has suffered a 6.1% decline in the year 2009 even as he oil prices rebounded from four year lows according to the latest update from central bank said in its year-end report. The central bank blamed the economic fall on production cuts implemented by OPEC, in a context of weakness in energy demand due to the global economic crisis.

The Venezuelan economy contracted 2.9% in 2009, confirming the country`s first recession in five years, according to preliminary estimates published Tuesday by the Venezuelan Central Bank. Non-oil gross domestic product dropped 1.9%. Manufacturing activity, which has been one of the main factors driving down economic activity in 2009, dropped 7.2% in the year, while mining fell 10.2%.

The balance of payments posted an $11 billion deficit. The country`s current account posted a $12.4 billion surplus, down 66.8% against the previous year, as a result of a decline in revenue from oil exports. The decline was partly the result of a 32.7% drop in the price of Venezuela`s basket of oil products.

Venezuela`s economy grew 4.8 percent in 2008, its fifth year of expansion on the back of high oil prices. But it entered a recession earlier this year, later in the cycle than most nations affected by the global downturn.

The government is hoping for a moderate recovery in 2010, when it is likely to increase public spending on social projects ahead of legislative elections in September. Oil export revenues fell in 2009 to $57.6 billion from $89.1 the previous year, the bank said.

The last time Venezuela experienced annual contraction was in 2003, when the economy shrank 7.8 percent, due largely to a lengthy shutdown of the oil sector as part of a failed opposition campaign to oust Chavez.

The bank said Venezuela`s current account surplus fell to $12.4 billion, or 6.2 percent of GDP, in 2009, from $37.4 billion the previous year. The capital account registered an $18.9 billion deficit, versus a $24.8 billion 2008 deficit. The balance of payments registered an $11.0 billion deficit, equivalent to 5.5 percent of GDP, the report said.

Source : Capital Market

Anglo Gold And Lamgold Buy`s Stake In IFC Sadiola Mine

Gold-miners AngloGold Ashanti and Lamgold have each bought half of the 6% stake that the International Finance Corporation (IFC) owns in their Sadiola mine, in Mali.

The companies will each pay an initial $6-million for their respective 3% stake, followed by contingent payments in 2010, 2011 and 2012 of $250 000 for each year in which the average gold price is higher than $900/oz, or $ 500000 if the average gold price exceeds $1 000/oz.

They will also pay another $500 000 if and when a decision is made to go ahead with the Sadiola deep sulphide project. Lamgold and AngloGold Ashanti owned 38% each in Sadiola, but have now increased their stakes to 41% each.

Copper Prices Gathering Steam As Strike Threats Continues In Chile

Copper is once again in limelight as the strike threats in Codelco Chuquicamata mine in Chile is bolstering prices towards 15 month highs.

MCX Copper is at Rs 341.70 per kg up 0.18%. The prices have potential to test Rs 350 levels in coming days.

On Tuesday, Copper hit $7,285 a tonne with the benchmark London Metal Exchange three-month contract up 3 per cent after closing in London on Christmas Eve at $7,070 a tonne.

Workers have voted to strike at the Chuquicamata mine in Chile, owned by Codelco, which was expected to produce 565,000 tonnes of copper this year.

Meanwhile in a major news, Jiangxi Copper Co. said it has resumed production at its Yinshan mine, which was suspended late November due to a leakage in the overflow launder at the mine`s tailings pond.

It said production was restarted Dec. 24. Jiangxi Copper is China`s largest copper smelter by output and its Yinshan mine has an annual copper capacity of 3,600 metric tons

Source : Capital Market

METALS-U.S. housing data helps copper to 5-week high

NEW YORK/LONDON, July 17 (Reuters) - Copper prices climbed to a five-week high on Friday, after an unexpected jump in U.S. home construction data in June boosted hopes for economic recovery.

Zinc and lead both rose more than 5 percent, tracking gains in copper after the U.S. Commerce Department reported construction of new homes rose to a seven-month high. [ID:nN19590716]

Copper for September delivery HGU9 on the New York Mercantile Exchange's COMEX division gained 3.35 cents to close at $2.4230 a lb, after dealing between $2.3670 and $2.4390 -- a new high dating back to June 12.

The big boost in U.S. housing permits coupled with weakness in the U.S. dollar and a strong expansion in China's economy combined to drive the price of copper up nearly 10 percent on the week, said Michael Pento, chief economist with Delta Global Advisors.

"An upper-cut, a left hook, and a body blow ... what a three-punch combination to power copper up through its $2.40 resistance level," he said.

On the London Metal Exchange (LME) three-month copper MCU3 closed up $50 at $5,310 a tonne, after hitting a five-week high at $5,351.

The dollar pared gains to provide further support as it makes dollar-priced metals less expensive. [USD/]

Despite the stronger tone this week, analysts still remained cautious about further upside price potential.

"Is it all built on a foundation of sand?" questioned Calyon analyst Robin Bhar. "(Copper) will struggle to sustain these prices over the coming couple of months."

Copper stocks at LME warehouses rose 3,275 tonnes to 264,150 tonnes from levels around 500,000 tonnes in early April.

Concerns about nearby supplies have arisen because LME data for some days now has shown a dominant position controlling between 50 percent and 80 percent of LME stocks. [LME/WC]

The worry is reflected the premium or backwardation of about $10 a tonne for LME cash copper MCU0 over the three-month contract. This compares to a contango of $14.50 on July 8.

"The backwardation (isn't) a sign that consumption is strong. There are genuine concerns about long-term demand," a trader said. "Backwardation is a function of nearby tightness in the market, short positions being rolled forward."

RECORD STOCKS, AGAIN...

Aluminum MAL3 closed at $1,708 from Thursday's last bid at $1,690. Earlier, the metal used in transport and packaging hit $1,735, the highest since early December 2008.

Canceled warrants -- material tagged for delivery -- rose to 152,500 tonnes from 138,100 tonnes. Traders say this material is probably heading for Chinese government stockpiles.

But dampening sentiment was news that aluminum stocks rose to a record high above 4.5 million tonnes.

Zinc MZN3 closed at $1,619 from Thursday's last bid at $1,549, having earlier hit a three-week high of $1,640. Battery material lead MPB3 was untraded at the close but was last bid at $1,670 from $1,620, having hit an earlier high of $1,705.

Nickel MNI3 closed at $16,125 from $16,100.

Tin MSN3 was untraded at the close but was last bid at $13,240 from Thursday's last bid of $13,025. Worries about nearby supplies of tin have pushed the premium for cash material over the three-month contract to $150 a tonne from a discount of around $40 a tonne mid-June. MSN0-3

Traders are concerned about the scale of long positions in the tin market, compared with the amount of available metal in LME warehouses.

Sourse : http://www.reuters.com/article/marketsNews/idUSLH68347020090717?sp=true

Tentative signs of US gold rush

There's much talk of the world being back in 1929, another Great Depression. For some, it is more like 1849.

Back then, hundreds of thousands flocked to California in search of their fortune after gold was discovered there, founding the iconic image of men standing knee-deep in water, desperately sorting away the sediment in search of treasure.

Now, there are tentative signs of a new gold rush in the US, according to the Gold Prospectors Association of America (GPAA).

Searching the rivers

The group has seen a 20% in membership in the last year, driven by the deepening recession and the high price of gold.

"It starts off as a hobby with the hopes of something more," Corey Rudolph, a member and a full-time prospector, told the BBC.

"The more you learn, the luckier you get."

The gold that prospectors are looking for consists mainly of small bits that have broken off the surrounding mountains and settled at the bottom of rivers and valleys.

GPAA said mining claims in California, which is the most gold-rich state, have grown by more than 3,000 in the past two years.

But it added that does not tell the whole story, because many parts of the US do not need a claim for mineral rights.

Record highs

Gold touched an all-time high of $1,011 per ounce last March and has since been trading at near $900, as investors sought the traditional safe haven of the commodity to escape the chaos in the rest of the financial markets.



Mr Rudolph has been prospecting for the past 30 years. He said he usually goes to Alaska in the summer, where he once found 60 ounces of gold in four weeks.

That's worth almost $53,000 at current gold prices.

"A lot of guys are hoping to strike it rich, but that doesn't usually happen until you've learned all the little tricks," Mr Rudolph said.

Other areas booming are Arizona, Washington state and New Mexico.

Environmental concerns

The new rush has given rise to concerns about the impact of such activity.

While many prospectors go with pans and sort out the sediment and gravel looking for gold, others are using suction dredges to suck up the rivers, sort it and dump the leftover gravel back in.

Critics say that this kills marine life and generally harms the rivers. The GPAA say prospecting can improve the health of rivers by removing lead and mercury.

There are seasonal limits on prospecting in many states and California is looking into tightening the rules.

Soures:http://news.bbc.co.uk/1/hi/business/7991732.stm

Indians Flock to Sell Old Gold

MUMBAI -- As spot gold prices in the local market surge to record highs, Indians are flocking to jewelry shops to sell old jewelry in the middle of the busy wedding season, when purchases usually pick up, and imports are slowing sharply.

Pure gold in the spot markets of Mumbai, the largest bullion market in the country and a benchmark for prices in other local markets, rose to 14,770 rupees ($304) per 10 grams Thursday, up from the previous high of 14,265 rupees/10 grams early in the week.

Standard gold was quoted at 14,705 rupees/10 grams, up from a previous high of 14,200rupees/10 grams.

"About 90% of people are only coming to us to sell old jewelry," said Suresh Hundia, president of the Bombay Bullion Association. "So far in the month of February, there have been no imports of gold due to the record high prices."

The peak Indian marriage season runs from October to March. Indian prices are marginally higher than the international spot gold price of around $940.75 an ounce because of the rupee's weakness against the dollar.

India, the world's largest buyer, imports more than 90% of its annual gold demand of 700 to 800 tons.

With spot gold prices in domestic markets expected to rise further in the next couple of months due to firm investment demand in global markets, imports of gold are likely to be reduced to a trickle, traders said.

"When they (traders) can get it cheaper in domestic markets, why would they import at higher rates," Mr. Hundia said, referring to the slightly discounted price offered to sellers of old gold.

"Around 90% of the jewelers are not purchasing gold from banks as consumers are selling their old jewelry and asking jewelers to remold it, instead of buying new gold," said Pravin Mehta, president of the Madras Jewellers and Diamond Merchants Association.

Gold imports in India fell to between one and two metric tons in January, from 18 tons in the same month last year, according to Bombay Bullion Association data.

"Spot prices are likely to surge further to 16,000 rupees/10 grams in the next two months as economic concerns persist globally," said Ashwin Zaveri, a trader based in the country's largest bullion market of Zaveri Bazar in Mumbai.

A year ago spot prices of pure and standard gold were at 11,735 rupees/10 grams and 11,685 rupees/10 grams, respectively.

Mr. Hundia expects prices to correct a little before rising again to around 15,200 rupees/10 grams by March, tracking global prices.

However, Bhargava Vaidhya, a director with Vaidhya & Associates, said the current rally is unlikely to be sustained for long as demand has totally dried up and the Indian rupee looks set to strengthen against the U.S. dollar

Source:http://online.wsj.com/article/SB123451783755582053.html

PIVOT POINT

Pivot Point:
A technical indicator derived by calculating the numerical average of a particular stock's high, low and closing prices. The pivot point is used as a predictive indicator. If the following day's market price falls below the pivot point, it may be used as a new resistance level. Conversely, if the market price rises above the pivot point, it may act as the new support level.

Support (Buy Level):
A support level is a price level where the price tends to find support as it is going down. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, even by a small amount, it is likely to continue dropping until it finds another support level.

Resistance (Sell Level):
A resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, even by a small amount, it is likely that it will continue rising until it finds another resistance level.

Pivot Point Advantage:
The main advantage of this the pivot point is that it is price-based as opposed to indicator-based. By the time most indicators generate a buy or a sell signal, the pivot point move is already well under way. By following this price-based methodology, I will get into a trade before the indicator-based traders, and I usually end up handing off my position soon after a buy or sell signal is being generated on a stochastic or other oscillator type system. The pivot point is especially true on choppy days. On choppy days, it's the indicator-based traders that get taken out back and shot. Pivot points are set up to naturally take advantage of their mistakes.

The pivot point is also a good system for traders who don't have time to stare at the charts all day long, or for traders who have a bad habit in chasing the market higher and lower. Playing the pivot point automatically creates trader discipline because the entries and exits are pre-determined before the trading day even starts.

Pivot Point Tool:
The other thing I like about the pivot point is that they can be used as a tool to quickly determine what kind of trading day it's going to be. On a trending day, markets will move to a pivot level, consolidate for 15-20 minutes, and then continue to march in the direction of the trend. On these days I wait for the move through the pivot point level, and then buy the first pullback to that level. On choppy days, however, the markets will move up to a pivot point level, hang around for a short time, and then drift back in the direction from whence they came. Many traders get "chopped up" during these types of trading days, losing money and making their brokers rich in the process. The pivot points are naturally set up to be faded on these days, and are one of the few profitable ways to trade the low volume, narrow range chop.

Pivot points are mainly used by day-traders to forecast the current day's support and resistance levels based on the previous day’s high, low and close levels. They are regularly used by chartists and technical analysts as an indicator which is often unbelievably accurate

INTRA DAY TRADING STRATEGY 24-Dec-08

INTRA DAY TRADING STRATEGY

GOLD FEBRUARY: Gold needs to hold 13000 to target 13200 and 13300 once again. On the lower side a fall below 12950 will result in 12750.

Jobbers: Buy gold around 12950 and on dips as long as 12880 holds but keep on booking profits till 13100 is not broken.

Day traders: Buy around 13000 and on dips as long as 12940 holds OR sell over 13200 till 13300 is not broken.

SILVER MARCH: Silver needs to hold 16900 to prevent a fall to 16600 and 16300. Intra day we prefer to buy only on a break of 17400.

Jobbers: Sell around 17450 and on rise till 17550 holds stop loss Rs.150 per trade OR buy silver if it does not break 17000.

Day Traders: Buy on dips as long as 17300 holds OR sell if silver does not break 18000 today.

COPPER FEBRUARY: Copper fails to break 152 by Friday then it will fall to 138 and 130

Jobbers :Sell around 146-148 zone stop loss over 151.

Day Traders: Buy around 138 stop loss 135 OR sell on rise till 152 is not broken.

ZINC DECEMBER: For the rest of December the downside/lower side for zinc will remain limited to 45. Day traders buy zinc around 53.50-54.0 stop loss 52.50 target 58.0

NICKEL DECEMBER: Intra day we prefer a sell on rise strategy as long as Nickel does not break 502.

CRUDE OIL (1st Contract): 1974 is the key support and below that 1800 is the key support. Crude oil is bearish below 2140.

LEAD DECEMBER: Till 31st December, I do not expect lead to fall below 37.00. Intra day buy around 41-41.50 stop loss below 39.90.