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Wednesday, May 25, 2022

MCX Nickel under fresh selling; Support seen at 911.1

MCX Aluminium may trade between 147.4-152

MCX Menthol Oil under fresh selling; Resistance seen at 1723.4

MCX Cotton under long liquidation

MCX Cardamom under short covering

Natural Gas market under long liquidation; Support seen at 234.7

Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 28.4% to settled at 9593 while prices down 9.4 rupees.

Now MCX Nickel is getting support at 911.1 and below same could see a test of 905.9 level, And resistance is now likely to be seen at 922.1, a move above could see prices testing 927.9.

Nickel on MCX settled down 1.02% at 916.40 settled down as rising supplies, weaker demand from downstream auto and stainless steel sectors accounted for the decline. Yesterday the US dollar index dropped to more than two-week lows on Tuesday while emerging market currencies outperformed, as rising stock markets reflected improving risk appetite.

Both LME and SHFE base metals ended in mixed performance overnight. LME aluminium, zinc gained close to 0.2% while copper dipped 0.1%, nickel slid 0.4% and lead lost 0.67%. SHFE nickel and lead sank close to 0.8%, copper and zinc dropped some 0.4% while aluminium rose some 0.7%.

From data point Chinese consumer inflation accelerated for a fourth month in September, with food prices jumping by the most since February, while the rise in households’ non-food costs slowed. The CPI rose 2.5% from a year earlier, marking the largest annual growth in seven months, according to data from the NBS.

That came in line with expectations and was faster than the 2.3% report in August. The PPI climbed 3.6% from a year ago, compared with a 4.1% gain the previous month.

From US side data showed US industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter. Now day ahead some data to monitor today include total social financing (TSF) and broad M2 money supply in September for China, consumer inflation in September across the eurozone.

Trading Ideas:
–Nickel trading range for the day is 905.9-927.
–Nickel dropped as pressure seen amid trade tensions and rising U.S. interest rates.
–Growth in China’s factory sector in September stalled after 15 months of expansion, with export orders falling the most in more than two years.
–US retail sales data for September missed expectations and as benchmark US Treasury yields consolidated after they climbed to their highest level in seven years

Courtesy: Kedia Commodities

Source: Commodityonline.com

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