NCDEX Chana may trade between 4471-4577 levels
MCX Cotton under short covering; Support seen at 20230
NCDEX Jeera likely to move in a range of 17275-17955
MCX Mentha Oil under long liquidation; Support seen at 1365.4
NCDEX Turmeric may trade between 6628-6836
Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 9.63% to settled at 1457 while prices up 1.6 rupees.
Now MCX Aluminium is getting support at 148.4 and below same could see a test of 146.7 level, And resistance is now likely to be seen at 151.2, a move above could see prices testing 152.3.
Aluminium on MCX settled up 1.08% at 150.2 as support seen due to lower alumina supply and peak-season demand. There were concerns over the outlook for the global economy and metals demand as Washington and Beijing struggled to salvage a deal to end a bitter trade war.
The trade conflict between the world’s top two economies escalated, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations.
Vehicles sales in China, the world’s top auto market, fell 14.6% in April annually, marking the 10th consecutive month of decline against a backdrop of slowing economic growth and crippling trade war with the United States.
Russian aluminum giant United Company Rusal said its first-quarter net profit fell about 44%, hit by the lingering effects of U.S. sanctions and weaker aluminum prices. Washington had imposed sanctions on Rusal, the world’s largest aluminum producer outside China, in April 2018, but lifted them in late-January this year after negotiations and organizational changes in the company.
Primary aluminium stocks in China extended their declines over the week, as demand continued to improve and as limited cargoes arrived. Data showed that social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped 36,000 mt to stand at 1.373 million mt.
–Aluminium trading range for the day is 146.7-152.3.
–Aluminium prices gained as support seen due to lower alumina supply and peak-season demand.
–There were concerns over the outlook for the global economy and metals demand as Washington and Beijing struggled to salvage a deal to end a bitter trade war.
–Primary aluminium stocks in China extended their declines over the week, as demand continued to improve and as limited cargoes arrived.
Courtesy: Kedia Commodities