Buy Gold above Rs 28880; target Rs 29200: Dani Commodities

The export ban by Indonesia is expected to restart idle Nickel mines. The ban is said to impact the supplies of Nickel to China that is a top consumer of the world. Indonesia ships Nickel ore to China. Even world top miner Norilsk Nickel is expecting that if prices rise from the current levels it is very likely that some of the major mines will restart their capacities. The cost viability was an issue that forced miners to shut their operations. Meanwhile Philippines is expected to ramp up its exports to China as Indonesian shipments will be impacted by the proposed ban. Nickel three month forwards were in the region of $ 20200 per ton in February but now it is trying to consolidate at $ 17600 per ton. Weakness of European market sentiments and rising bond yields has caused a noteworthy destruction in Nickel prices.

MCX GOLD:
International - Major Support at USD1620.
Bullish till USD1800.
Domestic - Buy above Rs 28880, Stop loss 28000, Target Rs 29200

MCX SILVER
International - Major Support at USD31.
Bullish above USD35.
Domestic - Buy above 55750, Stop loss 55550, Target 55950.

MCX COPPER
International - Major Resisatnce at LME 9600.
Bullish till LME 8500.
Domestic - Sell below 423, Stoploss 425, Target 421.

MCX LEAD
Sell below 108.80, Stop loss 109.20, Target 108.40.

MCX ZINC
Domestic - Sell below 104.40, Stoploss 105, Target 103.50.

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