MTECHTIPS;- Will Lead retain the kingship in 2013 among BM pack
There exists no doubt regarding the unchallenged superiority of lead when it comes to its out -performance of the base metal complex.Subsequent to yearly comparison of price movements of all the base metals on the MCX and LME, it has been proven that lead is leading from the front. The commodity has given 17.50% return on the MCX and 14% return on the LME.Technically on monthly charts, lead futures formed an almost symmetrical triangle formation. When this pattern forms in an uptrend then it is considered a continuation pattern if the market breaks out to the upside and a reversal pattern if the market breaks to the downside.Open Interest of lead futures have also been increasing rapidly over the monthly charts since past 5 years and currently the open interest of lead futures roam at the highest level, which is also indicative of a bullish sign for the prices. Traders are much more bullish on lead prices for the upcoming period as they are still holding their positions at the highest price level of 2012.