MCX Live commodity future update 18/03/2019

Base metals started the week with soft to negative

Base metals started the day with a slightly negative node in the morning session on MCX. After last week slumps in almost all metals due to Chinese disappointing data and rupee strength, today morning was an expectation of flat to positive opening. In the start of this week on Monday, they all are in extreme pressure.

Rupee getting strong form past week still showing strength and it has breached the level of 69 and currently trading near 68.60. Last week Chinese disappointing industrial data drag the metal’s price down. Now the only hope is on the front of the rupee, if RBI starts buying dollar then rupee may get resistance at these level between 68-68.50. This week FOMC meeting will be also in focus.

In my opinion base metals and bullion may stabilize and consolidate in narrow range two-three days and then may take a fresh direction. Till then scalping is not a bad idea in metals and bullion too.

Nickel and copper have lost most of the gain from their recent high. Last week copper Inventory has increased but demand is looming. Among all base metals, zinc is still looking attractive and has maintained its strength.

Gold and silver also showing weakness and trading currently 0.5% down.