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Wednesday, July 6, 2022

MCX Aluminium likely to move in a range of 146.5-149.9

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Technically MCX Aluminium is getting support at 147.2 and below same could see a test of 146.5 level, And resistance is now likely to be seen at 148.9, a move above could see prices testing 149.9.

Aluminium on MCX settled down 0.1% at 147.80 traded in the range while sentiments remain mixed as the news that global primary aluminium output fell to 5.301 million tonnes in September from a revised 5.485 million tonnes in August, data from the International Aluminium Institute showed on Monday should support the prices.

Pressure also seen as China’s economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.

Last night the US dollar rose on Monday as the pound fell on news that Brexit negotiations with the European Union over Northern Ireland remain in flux and as uncertainty over Italy’s budget continued to lower the euro.

LME base metals, except for nickel, ended in the black across the board overnight. Zinc jumped 1.3%, lead advanced 0.28%, aluminium edged up 0.17% and copper nudged up 0.1% while nickel dipped 0.16%.

Zinc rose about 0.7%, lead increased 0.44% and aluminium edged up some 0.1% while copper lost 0.1% and nickel fell 0.15%. Now a day ahead in the US, the Federal Reserve Bank of Richmond will reveal its manufacturing index for October.

Minneapolis Fed President Neel Kashkari will deliver the welcome address and opening remarks at an early childhood conference hosted by the Minneapolis Fed. October consumer confidence in the euro area and the September producer price index (PPI) for Germany will be released.

Trading Ideas:
–Aluminium trading range for the day is 146.5-149.9.
–Aluminium settled flat as prices seen some support by improved market sentiment and shrinking inventories.
–China’s primary aluminium production fell for a second straight month in September and slid to its lowest level since May.
–In the first nine months of the year, China produced 25.0 million tonnes of aluminium, a rise of 4.2 percent from the same period last year, the data showed.

Courtesy: Kedia Commodities             

Source: Commodityonline.com

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