MCX Natural Gas may move in a range of 205.1-219.3
MCX Crude Oil under long liquidation; Support seen at 5032
MCX Silver likely to move in a range of 37093-37473
MCX Nickel under short covering; Resistance seen at 905.3
Technically MCX Copper market is getting support at 436 and below same could see a test of 433.2 level, And resistance is now likely to be seen at 440.4, a move above could see prices testing 442.
Copper on MCX settled up 0.29% at 438.85 recovered on short covering tracking LME copper which is on track to post its biggest weekly advance in four weeks as investors viewed that trade tariffs would have a softer impact to global growth than earlier feared.
Copper jumped to its highest in three weeks on Wednesday after a new round of US-China trade tariffs were not as severe as expected, but investors remained wary about the impact on global economic growth and copper lost steam on Thursday.
Investors widely expect the US Federal Reserve to increase interest rates next week, but future monetary policy remains uncertain. Last night the US dollar weakened Thursday, partly due to a buoyant British pound that was trading higher on the back of better-than-expected economic data.
The pound has risen against the US dollar to hit a two-month high at 1.3288 thanks to a combination of broad-based gains in the pound and a broad-based sell-off in the dollar.
The UK Cabinet Office minister David Lidington has told Irish radio that Britain is 85% there in terms of agreeing a Brexit deal with the EU, with an agreement possible in October or November. Base metals rose across the board except for lead.
LME zinc led the gains and closed 1.63% higher. While from data side the US initial jobless claims, a tracker of sorts for layoffs in the US, fell by 3,000 to a seasonally adjusted level of 201,000 for the week ended September 15. That is the lowest level since November 1969.
–Copper trading range for the day is 433.2-442.
–Copper gained on a weaker greenback and expectations the United States and China will eventually resolve their month-long trade dispute.
–Copper Stocks are falling despite signs of a tighter market, with copper inventories in LME-registered warehouses at 221,925 tonnes, the lowest since January.
–Inventories across LME, SHFE and COMEX came in at 526,800 mt, standing 18.2% lower than the corresponding period last year.
Courtesy: Kedia Commodities