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MCX Lead Weak Performer, Selling Recommended

ByCommodityOnline
Published 02/04/2014, 06:43 AM
Updated 05/14/2017, 06:45 AM


--Lead was another weak performer along with aluminum at the MCX platform broadly declining along with the rest of the metals.

--Broadly the lead inventories have been broadly declining since last three months and the cancelled warrants for the commodity also surged over 35% in the last three weeks which are presently at two month high levels indicating immediate requirement for the commodity.

--For the day We recommend selling Lead from the higher levels as the battery metal might take negative cues from the negative US vehicles sales which declined by 3.1% on a year on year basis. However we have a positive outlook on the commodity in the near term to medium term.

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