MCX Mentha Oil likely to move in a range of 1299.4-1338
MCX Nickel likely to move in a range of 1110.3-1176.1
MCX Zinc under fresh selling; Support seen at 182.6
NCDEX Chana under long liquidation; Resistance seen at 4338
MCX Copper under long liquidation; Resistance seen at 448
Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 9.15% to settled at 1797 while prices down 0.2 rupees.
Now MCX Aluminium is getting support at 140.5 and below same could see a test of 140 level, and resistance is now likely to be seen at 141.5, a move above could see prices testing 142.
Aluminium on MCX settled down 0.14% at 140.9 as prices sidelined reflecting investors worries about muted economic growth and the temperamental trade dispute between the U.S. and China On the trade front, Hua Chunying, a spokesperson at Chinas Ministry of Foreign Affairs said Beijing hopes the US will meet China halfway and implement the consensus reached by the two leaders during their meeting in Osaka.
This came after China said it has to take necessary countermeasures for the latest US tariffs on $300 billion of Chinese goods.Inventories of aluminium billet in China shrank this week with a significant decline in stocks in Foshan city of south Chinas Guangdong province.Data showed that stocks of 6063 aluminium billet across five major consumption areas decreased some 2,200 mt from Thursday August 8 to stand at 93,700 mt as of Thursday August 15, after they climbed 12,500 mt in the previous week.
Weighed down by uncertainty over how much weak global economic growth is undermining demand, but some metals saw support from potential shortages.People are taking stock and trying assess what the next move is, not just for the economy and the trade war but for central banks around the world. A report released by the Commerce Department showed an unexpected slump in housing starts in the month of July. The report also showed a much bigger than expected increase in building permits.
–Aluminium trading range for the day is 140-142.
–Aluminium prices dropped as prices sidelined reflecting investors worries about muted economic growth.
–A report released by the Commerce Department showed an unexpected slump in housing starts in the month of July.
–Inventories of aluminium billet in China shrank this week with a significant decline in stocks in Foshan city of south Chinas Guangdong province.
Courtesy: Kedia Commodities