MTECHTIPS MCX Lead bullish; Nickel may trade Rs 810 to Rs 823 range

MTECHTIPS:-MCX Lead bullish; Nickel may trade Rs 810 to Rs 823 range

Lead futures for May delivery on India's Multi Commodity Exchange (MCX) is bullish. The commodity is trading in a narrow range as US and European markets are closed for the day.MCX Lead futures for May delivery was seen trading down by 0.13% at Rs 115.65 per kilogram as of 05.06 PM IST on Monday.For a fifth consecutive month, China was a net lead exporter in April to the tune of 2.5Kt. Barclays believe this is symptomatic of the domestic surplus that had built up and a stronger LME market where stocks have been falling since the beginning of the year – despite Barclays market balance showing a surplus.This is offering some support to LME prices over SHFE prices. However, with the export arb narrowing and SHFE stocks falling, the Chinese market looking less oversupplied these days and the bank believes that its status as a net exporter will be short-lived.