MCX Lead may note some gains tracking cues from international exchange. LME lead trades higher today amid gains in copper and other industrial metals. However weighing on lead prices are higher stocks on LME warehouses and surplus in global market. Stocks on LME warehouses have fallen lately but are still near the highest level for the year. Also according to the latest monthly bulletin from Lisbon-based International Lead and Zinc Study Group (ILZSG) the global lead market was in surplus by 74,000 tonnes in the first four months of the year.
Support for MCX Lead June contract is seen at Rs.108.75 while Resistance is seen at Rs.112.25. Steel- NCDEX Steel may trade with downward bias amid some profit taking after recent rally. Choppiness in industrial metals will also weigh on steel prices. Support for NCDEX Steel July contract is seen at Rs.29500 while Resistance is seen at Rs.30625.
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