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Friday, March 24, 2023

MCX Aluminium under short covering; Support seen at 130.4

Natural Gas market is under fresh selling; Support seen at 182.3

MCX Nickel under short covering; Resistance seen at 881.2

MCX Mentha Oil under fresh buying; Resistance seen at 1651.8

Crude Oil market under fresh buying; Support sen at 3786

NCDEX Chana under long liquidation

Technically Aluminium market is under short covering as market has witnessed drop in open interest by 3.08% to settled at 4467 while prices up 1 rupees.

Now MCX Aluminium is getting support at 130.4 and below same could see a test of 129.3 level, And resistance is now likely to be seen at 132.5, a move above could see prices testing 133.5.

Aluminium on MCX settled up 0.77% at 131.30 gained on short covering tracking LME aluminium prices which traded higher on Wednesday after six consecutive days of losses climbed as investors awaited their cue from the latest trade data from top metals consumer China and the Sino-U.S. trade talks in Beijing.

China is due to report its copper import and aluminium export numbers for January later in the day. Meanwhile last night base metals, except for lead, traded higher Aluminium expanded 0.77%, copper gained 0.5%, nickel up by 0.57% & zinc up 0.54% while lead dropped some 0.52%.

The US dollar slightly recovered reversing losses from the previous day, thanks to an increase in a measure of inflation excluding energy prices.

Now a day ahead Economic data slated for release today include China’s trade balance for January, total social financing and M2 money supply, Germany’s and the eurozone’s fourth-quarter GDP growth, the US’ January producer price index (PPI), December retail sales and weekly jobless claims.

Also US and Chinese negotiators begin two days of trade talks in Beijing today. It was reported on Wednesday that China’s President Xi Jinping will meet with US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on Friday.

Trading Ideas:
–Aluminium trading range for the day is 129.3-133.5.
–Aluminium gained lifted by optimism that the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute.
–Weaker consumption grew inventories of aluminium ingots across China’s eight major markets by 39,000 mt from a week ago to 1.3 million mt.
–President Trump also said he was not happy about a tentative immigration deal reached by a bipartisan group of lawmakers.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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