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Saturday, June 10, 2023

MCX Aluminium under fresh selling; Resistance seen at 145.6

MCX Nickel under fresh selling; Support seen at 882.3

MCX Menthol Oil under fresh buying; Support seen at 1787.3

Crude Oil market under short covering; Support seen at 4878

MCX Silver expected to trade in a range between 38318-39158

MCX Cardamom under long liquidation; Resistance seen at 23090

Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 1.8% to settled at 3173 while prices down 1.5 rupees.

Now MCX Aluminium is getting support at 144 and below same could see a test of 143.4 level, And resistance is now likely to be seen at 145.6, a move above could see prices testing 146.6.

Aluminium on MCX settled down 1.03% at 144.55 as on concerns of a slowdown in top metals consumer China, which pledged to support illiquid private companies after third-quarter GDP growth slowed to 6.5 percent, the lowest since 2009.

Aluminium failed to get much support, despite LME on-warrant inventories falling 10,700 tonnes to 737,400 tonnes. LME three-month aluminium finished down 0.2 per cent at $US1,994 a tonne after touching a low of $US1,991.50, the weakest since April.

Last night the US dollar strengthened as the euro and pound slipped on Thursday after the ECB kept interest rates unchanged in their October policy meeting. The interest rate on the main refinancing operation, the marginal lending facility, and the deposit facility sit at zero, 0.25% and 0.40% respectively.

The expectation is that these rates will remain at their present levels at least through the summer of 2019. LME base metals, except for copper, ended in negative territory across the board overnight. Lead dipped 0.05%, nickel lost 0.25%, zinc fell by 0.6% and aluminium slipped 0.7%. Also SHFE base metals ended in mixed performance overnight.

Now a day ahead Economic data slated for release today include Germany’s Gfk consumer confidence for November, US GDP, PCE price index and personal consumption for the third quarter as well as the University of Michigan’s consumer sentiment index for October.

Trading Ideas:
–Aluminium trading range for the day is 143.4-146.6.
–Aluminium dropped as concerns over the impact of a U.S.-China trade row on demand for industrial metals returned to focus.
–Production cuts shrink social inventories of primary aluminium.
–Recent output cuts at some domestic primary aluminium and alumina producers failed to support aluminium prices.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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