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