MCX Mentha Oil under fresh selling; Support seen at 1239.9
MCX Nickel likely to move in a range of 956.9-1028.5
MCX Zinc under short covering; Resistance seen at 196
NCDEX Chana under long liquidation; Resistance seen at 4325
MCX Copper under fresh buying; Support seen at 442.2
Technically MCX Aluminium is getting support at 140.7 and below same could see a test of 139.9 levels, and resistance is now likely to be seen at 142.1, a move above could see prices testing 142.7.
Aluminium settled flat as US dollar climbed after data showed that the world’s largest economy slowed less than expected in the second quarter. Social inventories of primary aluminium in China continued to fall over the weekend, as fewer cargoes arrived at social warehouses.
Data showed that stocks across eight consumption areas in China, including SHFE warrants, decreased by 6,000 mt from Thursday July 25 to stand at 1.029 million mt as of Monday July 29.
Xuzhou, a major steelmaking city in east China’s Jiangsu province, will intensify environmental inspection across six key districts of the city for 100 days, from July 23 to October 18, local authorities said in a statement. The move aims to continuously reduce the concentration of PM2.5 and ozone air pollutants of the city in the third quarter.
The US Commerce Department reported that the gross domestic product (GDP) for the world’s biggest economy grew at an annualised 2.1% in the second quarter, slowing from an unrevised 3.1% in the first quarter. Consumer and government spending fuelled GDP in the April-to-June period, while a pullback in business investment took a toll.
Personal consumption expenditures rose 4.3%, the best performance since Q4 2017. The core personal consumption expenditures price index, an inflation gauge preferred by the Federal Reserve that excludes the volatile food and energy prices, increased by 1.8%, continuing to undershoot the Fed’s 2% inflation target.
–Aluminium trading range for the day is 139.9-142.7.
–Aluminium settled flat as US dollar climbed after data showed that the world’s largest economy slowed less than expected in the second quarter.
–Social inventories of primary aluminium in China continued to fall over the weekend, as fewer cargoes arrived at social warehouses.
–The US Commerce Department reported that the GDP for the world’s biggest economy grew at an annualised 2.1% in the second quarter.
Courtesy: Kedia Commodities