Natural Gas market is under fresh selling; Support seen at 182.3
MCX Aluminium under short covering; Support seen at 130.4
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
Now MCX Nickel is getting support at 870.3 and below same could see a test of 863.7 level, And resistance is now likely to be seen at 881.2, a move above could see prices testing 885.5.
Nickel on MCX settled up 0.57% at 876.80 on short covering while LME nickel fluctuated to end lower at $12,400/mt on Wednesday. Today pressure can be seen as Iron ore futures in China fell for a second straight session on Wednesday as the market awaited clarity on the magnitude of supply disruption following Vale SA’s dam closures.
Steel prices also fell, with the most-active rebar contract ending lower for a second day, as worries over weak demand in top consumer China persist. The most-traded iron ore on the Dalian Commodity Exchange settled 3.3 per cent lower at 624 yuan ($US92.34) a tonne, after hitting as low as 615 yuan earlier in the session.
The steel-making raw material had hit a record high of 657.5 yuan on Tuesday but ended lower after an eight-session rally. 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.
–Nickel trading range for the day is 863.7-885.5.
–Nickel gained due to signs of an easing in tensions in the U.S.-China trade conflict, but a lack of firm resolution kept a lid on the tepid gains.
–U.S. President Donald Trump said he could let the deadline for a trade agreement “slide for a little while”.
–While the growth of consumption in China is likely to further slow in 2019, the pace would be still be steady and relatively fast.
Courtesy: Kedia Commodities