Lead Edged Down On Short Selling At MCX

Battery material Lead for delivery in July 2012 dropped by 0.4% or Rs 0.45 at Rs 104.15 per kg on Friday, 6 July and tested an intraday high of Rs 104.7 per kg and low of Rs 103.3 per kg.

Lead traded in range bound during the last week and fell on Friday due to short selling with 3% rise in its open interest to 9006 lots hampered the metal.

The contract traded below 9-day EMA and RSI stood at 43.22. Lead was finding the next support at Rs 103.6 per kg and Rs 102.4 per kg and resistance at Rs 105 per kg and Rs 105.6 per kg. [ News Source ]

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