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Sunday, August 14, 2022

MCX Aluminium likely to move in a range of 144.3-154.5

MCX Nickel may trade between 881.3-914.3 levels

MCX Mentha Oil may trade between 1776.1-1832.5 levels

MCX Cotton under fresh buying; Support seen at 23010

MCX Cardamom under fresh buying; Resistance seen at 1478.4

NCDEX Jeera likely to move in a range of 19210-19710

Technically Aluminium market is getting support at 147.2 and below same could see a test of 144.3 level, And resistance is now likely to be seen at 152.3, a move above could see prices testing 154.5.

Aluminium on MCX settled up 1.87% at 149.95 gained on fresh buying tracking LME Aluminium prices were higher at the close of trading on Monday September 10, supported by continued uncertainty about supply flows while US sanctions against Russian producer Rusal keep investors cautious.

Also support seen on MCX as Indian Rupee crashed below the 72-mark to end at a life-low of 72.45 against the US dollar on growing fears of contagion from an emerging-market rout and escalation of a global trade war.

With total on-warrant aluminium stocks dwindling to their lowest level since July 2007 at 765,025 tonnes, the three-month aluminium price has largely ignored underlying fundamentals since prices spiked to a seven-year high of $2,718 per tonne on April 19.

While prices have returned to levels seen before the sanctions on Rusal were announced on April 6, the aluminium market remains in stasis until a resolution about those sanctions can be achieved.

Upward pressure on prices in the physical market could result from a continued diplomatic impasse between the United States and Russia.Meanwhile, the uptick in prices comes at the same time as supply disruptions across Alcoa’s alumina and bauxite operations in Western Australia, with Metal Bulletin’s benchmark alumina index pushing higher as a result.

On the trade front, the U.S. President Donald Trump threatened on Friday that his administration would impose new tariffs on $267 billion of Chinese goods. Now market participants should monitor data including China’s social financing and its M2 money supply for August, the eurozone ZEW economic confidence in September, as well as the US warehouse inventories for July.

Trading Ideas:
–Aluminium trading range for the day is 144.3-154.5.
–Aluminium prices gained on market talk that Rusal is likely to cut production this month.
–China’s exports of unwrought aluminium and aluminium semis stood at 517,000 mt, compared to 519,000 mt in July.
–Stocks across eight consumption areas decreased by some 31,000 mt from Thursday to stand at 1.683 million mt as of Monday Sep 10

Courtesy: Kedia Commodities

Source: Commodityonline.com

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