MCX Nickel likely to move in a range of 847.8-872.6
MCX Menthol Oil under fresh buying; Support seen at 1785.6
MCX Cotton likely to move in a range of 22400-23360
MCX Cardamom under long liquidation
NCDEX Jeera may trade between 19220-20220 levels
Technically Aluminium market is getting support at 143.5 and below same could see a test of 142.7 level, And resistance is now likely to be seen at 145.6, a move above could see prices testing 146.9.
Aluminium on MCX settled down 0.72% at 144.20 tracking weakness from LME Aluminium which ended 0.8 percent down at $1,982 a tonne countering concern over growth and demand because of the U.S.-China trade dispute.
While profit growth at Chinese industrial companies slowed for the fifth consecutive month in September as sales of raw materials and manufactured goods ebbed further, pointing to cooling domestic demand.
China’s major stock indexes fell sharply on Monday as earnings reports on industrial and consumer companies sent fresh jitters through the market, raising concerns about a slowdown in economic growth.
Growth in China’s factory sector is likely to have cooled further in October as domestic demand faltered and exporters felt a bigger sting from the intensifying trade war with the United States, a Reuters poll showed.
Last night the dollar edged higher against the euro on Monday, on news German Chancellor Angela Merkel would not seek re-election as head of her Christian Democratic Union party. The dollar added to recent gains against other major currencies, supported by robust US consumer spending data on Monday.
Both LME and SHFE base metals ended in negative territory across the board overnight except for SHFE copper who stayed flat. LME lead and zinc dropped some 1.8%, aluminium slid 1.4%, nickel fell 1.2%, copper slipped 0.9% and tin lost 0.75%. SHFE zinc sank close to 0.9%, nickel decreased over 0.6%, aluminium went down more than 0.4%, tin declined 0.35% and lead skidded about 0.2%.
–Aluminium trading range for the day is 142.7-146.9.
–Aluminium dropped as global stocks showed their worst week in more than five years, overshadowing worries over the sharp shortage of supply building in the market.
–Aluminium production appears to be being cut back in China due to the current weak margins.
–Lower production, which should result in lower Chinese exports, is likely to shore up aluminium prices.
Courtesy: Kedia Commodities