MCX Aluminium may trade in a range between 143.8-145.8
Zinc market under short covering; Support seen at 177.1
Copper market under short covering; Support seen at 417.1
MCX Natural Gas under long liquidation; Support seen at 200.8
MCX Crude Oil may trade between 4779-4861 levels
Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 2.43% to settled at 7794 while prices down 1.5 rupees.
Now Nickel is getting support at 929 and below same could see a test of 925.8 levels and resistance is now likely to be seen at 936.4, a move above could see prices testing 940.6.
Nickel on MCX settled down 0.16% at 932.20 tracking weakness from ShFE Nickel prices which was the lone laggard, falling 0.9 percent to 108,760 yuan a tonne despite the dollar came under pressure after United States and Mexico reached a bilateral trade deal.
The dollar fell sharply, helping gold prices to mount a further advance beyond the psychologically important $1,200 level, as President Donald Trump announced his administration had reached a bilateral deal with Mexico. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.46% to 94.64.
Trump suggested a United States-Mexico Trade Agreement replace the North American Free Trade Agreement (NAFTA). But this still paves the way for Canada to rejoin talks, bringing Trump a step closer to overhauling NAFTA, reducing investor fears over a full-blown trade war.
Last night the US dollar slumped to the lowest in four weeks at 94.76 while the Mexican peso climbed higher after the two countries reached a preliminary trade deal that could replace the North American Free Trade Agreement (NAFTA).
Now Market participants should monitor developments such as Germany’s actual monthly retail sales in July, US wholesale inventories in July, and its Conference Board (CB) consumer confidence index for August.
–Nickel trading range for the day is 925.8-940.6.
–Nickel prices traded in range due to lack of direction as LME was closed but current low inventories likely to bolster prices.
–China is likely to produce 400,000 mt, in metal content, of high-grade nickel pig iron (NPI) within this year.
–Domestic production of high-grade NPI picked up after nationwide environmental reviews from May to June.
Courtesy: Kedia Commodities