Karvy Commodities has come out with its report on metals. The research firm believes that the commodity might decline further today so one can sell at higher levels.
Base metals traded mostly mixed to bullish on last trading session except nickel which has been moving into a bearish correction. On average prices ended on a positive note while this morning most of the metals are trading marginally lower. However, we believe as the day progresses possibly the select commodities may trade positive for the day. Among the base metals we believe aluminum which has been into a bullish trend backed by lower inventory and higher demand may continue to trade higher, lead looks to turn positive as there has been slight change in the global stock performance at LME and prices were undervalued for last few weeks so buying would apt for the day. However, we believe zinc might show a marginal decline in the prices while the overall scenario holds bullish.
For today we are avoiding to buy the metal however short term trend remains bearish. Talking off copper we believe some more buying potential may be noticed in the market so we suggest buying the red metal for intraday while in the US session the gains might fade due to expected negative GDP number from the US. Lastly, nickel prices have been declining for the past few sessions and that is basically due to rise in the stocks at LME at 0.305 million tons. We believe the commodity might decline further today so we suggest selling from higher levels.
Economic data- US GDP, durable goods order
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