MCX Mentha Oil under fresh buying; Resistance seen at 1218.1
MCX Nickel under fresh buying; Support seen at 914.6
NCDEX Chana likely to move in a range of 4280-4350
MCX Zinc under short covering; Support seen at 192.4
MCX Copper under short covering; Resistance seen at 445.1
Technically MCX Aluminium is getting support at 141.6 and below same could see a test of 140.9 level, and resistance is now likely to be seen at 142.9, a move above could see prices testing 143.5.
Aluminium on MCX settled up 0.25% at 142.35 amid an economic slowdown and falling demand than supply issues. Also weighing on the metals market was disappointing wider trade data from top metals consumer China.
China’s overall exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further weakness in the world’s second-largest economy and slackening global growth.
U.S. President Donald Trump said China was not living up to promises it made on buying agricultural products from American farmers, as the world’s two largest economies work to resolve a trade dispute. China’s June aluminium exports were 506,000 tonnes, the customs data showed. That was down 5.6% from May and down fractionally from 510,000 tonnes a year earlier.
However, first-half 2019 exports rose 10% from a year earlier to 2.98 million tonnes. China’s exports of unwrought aluminium and aluminium products shrank 30,000 mt from a month ago, to stand at 506,000 mt in June, after they rose 7.6% on the month in May, showed data from China Customs on Friday July 12.
On a yearly basis, exports stood 0.8% lower in June. Exports in the first half of the year, however, expanded 10% from a year ago and stood at 2.98 million mt. The US Labor Department said that its consumer price index (CPI) excluding the volatile food and energy components rose 0.3% in June.
–Aluminium trading range for the day is 140.9-143.5.
–Aluminium prices dropped as prices seen under pressure from an economic slowdown and falling demand than supply issues.
–Also weighing on the metals market was disappointing wider trade data from top metals consumer China.
–China’s overall exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected.
Courtesy: Kedia Commodities