Mentha Oil may trade between 1471.9-1645.7 levels
Nickel market under fresh selling; Support seen at 913.5
MCX Zinc likely to trade between 169.1-176.7 levels
MCX Copper likely to trade between 411.9-428.3 levels
MCX Natural Gas may trade in a range between 184.8-192.6
Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 3.53% to settled at 3030 while prices down 2.45 rupees.
Now MCX Aluminium is getting support at 137.7 and below same could see a test of 136.4 levels and resistance is now likely to be seen at 141.4, a move above could see prices testing 143.8.
Aluminium on MCX settled down -1.73% at 138.95 tracking weakness from LME aluminium ended 1.1 percent lower at $2,032 a tonne after touching $2,021.50 on Friday, the lowest since April 6 and down nearly 15 percent from early June on concerns of slowing growth in top metals consumer China limited gains.
China’s economy expanded at a slower pace in the second quarter as Beijing’s efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low in a worrying sign for investment and exporters as a trade war with the United States intensified.
China’s commerce ministry said on Monday it had filed a complaint to the World Trade Organization (WTO) regarding Washington’s proposed tariff list on $200 billion worth of Chinese goods on July 16. China’s aluminium producers are responding to tighter supply conditions by boosting output, data showed.
China’s June output rose by 0.8 percent to 2.83 million tonnes, which on a daily basis was the highest since June 2017. From data point the US industrial production rose 0.6% last month after falling 0.5% in May. This was buoyed by a sharp rebound in manufacturing and further gains in mining output, the latest sign of robust economic growth in the second quarter. Mining production increased 1.2% in June, adding to the 2.2% rise in May.
–Aluminium trading range for the day is 136.4-143.8.
–Aluminium prices dropped with LME inventory surging 19,375 mt to 1.18 million mt and slower growth of Chinese economy dampened market sentiment.
–China’s inventory of primary aluminium across eight major markets, including SHFE warrants, inched up 17,000 mt over the weekend to stand at 1.82 million mt.
–China’s aluminium producers are responding to tighter supply conditions by boosting output, data showed.
Courtesy: Kedia Commodities