MCX Zinc likely to trade in a range between 177.3-184.5
MCX Copper likely to trade in a range between 414.9-430.5
MCX Aluminium likely to move in a range of 133.7-136.7
MCX Natural Gas may trade in a range between 237.7-282.3
Short covering seen in MCX Mentha Oil
Technically MCX Nickel is getting support at 758 and below same could see a test of 747.4 level, And resistance is now likely to be seen at 774.8, a move above could see prices testing 781.
Nickel on MCX settled up 1.32% at 768.60 gained on short covering tracking LME nickel prices which climbed 1.1 percent to $10,950 as shorts aggressively cut their positions.
While the global nickel market deficit widened to 19,600 tonnes in October from the previous month’s revised deficit of 9,000 tonnes, the International Nickel Study Group (INSG) said.
During the first 10 months of the year the deficit widened to 118,700 tonnes from 86,500 tonnes in the same period of 2017, the INSG data showed.
Last night LME base metals mostly gained as the dollar came off its lows but remained weaker after the Federal Reserve’s guidance on its tightening cycle turned out to be less dovish than expected, even as it forecast fewer interest rate hikes than it had in September.
As markets expected, the central bank raised the target range for its benchmark funds rate from 2.25% to 2.5%. This is the fourth increase this year and the ninth since it began to normalise rates in December 2015.
Fresh economic forecasts released by the Fed on Wednesday showed that policymakers expect two rate hikes next year and one in 2020. The language in the post-meeting statement was not entirely dovish, or easy on its outlook for rates.
The US current-account deficit, a measure of the nation’s trade and financial flows with other countries, increased to a seasonally adjusted $124.8 billion in the third quarter of 2018 from a revised $101.2 billion in the second quarter of 2018, the Commerce Department said on Wednesday.
–Nickel trading range for the day is 747.4-781.
–Nickel gained on short covering tracking firmness in LME prices as the dollar remained weaker.
–The global nickel market deficit widened to 19,600 tonnes in October from the previous month’s revised deficit of 9,000 tonnes.
–A Philippine government panel has deferred a recommendation to lift a six-year-old moratorium on new mining projects.
Courtesy: Kedia Commodities