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Sunday, September 24, 2023

MCX Nickel under fresh buying; Support seen at 845.9

MCX Copper may trade in a range between 420.6-436.4

Zinc market under long liquidation; Support seen at 189.5

MCX Aluminium may trade between 130.1-136.9

MCX Mentha Oil under fresh buying; Resistance seen at 1569.7

NCDEX Chana under fresh buying; Support seen at 4196

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 14.67% to settled at 7651 while prices up 25.8 rupees.

Now MCX Nickel is getting support at 845.9 and below same could see a test of 828.7 level, And resistance is now likely to be seen at 873.7, a move above could see prices testing 884.3.

Nickel on MCX settled up 3.08% at 863.20 gained on the line of expectation as the commodity used to make stainless steel tracked ferrous metals higher.

Chinese iron ore prices were ‘limit up’ on the Dalian Commodity Exchange, while Shanghai steel prices also gained sharply amid expectations of lower output from Brazilian miner Vale after a dam burst at one of its sites, killing scores of workers and nearby residents.

Support also seen after LME Nickel climbed as much as 1.2 percent to $12,270 a tonne, its highest since Oct. 25, and stood at $12,245. The most traded May nickel contract on the Shanghai Futures Exchange  rose as much as 2.4 percent to 97,250 yuan ($14,478.19)  a tonne, its strongest since Nov. 9.

The world’s largest iron ore miner on Tuesday vowed to take as much as 10 percent of its ore output offline in order to decommission 10 more dams like the one that burst last week. From data side the US conference Board consumer confidence for January came in weaker than expected at 120.2, versus the expectations of 124.

The prior month was at 126.6, revised from 128.1. The January number was at the lowest level since July 2017. Today, the Fed policymakers would begin a two-day policy meeting. High-level trade negotiations between the US and China also begin today, led by Vice-Premier Liu He and US Trade Representative Robert Lighthizer.

Trading Ideas:
–Nickel trading range for the day is 828.7-884.3.
–Nickel prices gained as declines in China’s nickel inventories improved confidence.
–China’s output of nickel pig iron, is expected to rise by about 5 percent this year to 500,000 tonnes due to capacity launches.
–The global nickel market deficit narrowed to 4,900 tonnes last November from the previous month’s revised deficit of 10,600 tonnes.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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