Lead futures for May delivery on India's Multi Commodity Exchange (MCX) is expected to trade bearish for the rest of the day and traders may short on every rise. “For intra-day, the commodity has resistance at 107.8 and 108.5 levels, while immediate support is there at 107. Trading below this support level may pressurise futures to touch 106.35 level,” said Melbin Noble, Research Analyst at Commodity Online. MCX lead for May delivery was seen trading down by 1.25% at Rs.106.80 per kilogram as of 05.17 PM IST on Wednesday. Lead prices moved down today, as Bank of America lowered the growth rate target for China. Lower German GDP growth has also put pressure on base metal complex. Compared with the previous quarter, the gross domestic product (GDP) of Germany increased by 0.1% in the first quarter of 2013 after adjustment for price, seasonal and calendar variations.Commodity Online
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