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Thursday, March 23, 2023

MCX Aluminium likely to move in a range of 131-136.6

MCX Natural Gas may trade in a range between 185.8-195.2

Crude Oil market under long liquidation; Support seen at 4032

MCX Zinc under long liquidation; Support seen at 190.5

MCX Silver may trade in a range between 39851-40713

MCX Copper likely to move in a range of 451.8-459.2

Technically MCX Aluminium market is getting support at 132.8 and below same could see a test of 131 level, And resistance is now likely to be seen at 135.6, a move above could see prices testing 136.6.

Aluminium on MCX settled up 1.93% at 134.60 on short covering saw gains accelerate and trading volumes expand as the fresh round of US-China trade negotiations in Washington began.

Aluminium rose 2 per cent to $US1,905 per tonne as support seen after the news that global primary aluminium output fell to 5.304 million tonnes in January from revised 5.498 million tonnes in December, data from the International Aluminium Institute showed, with the bulk of this coming from winter production cuts in China.

Support also seen after Beijing will issue the second-most severe pollution alert effective from Friday February 22 to Sunday February 24 as heavy smog is expected across Beijing-Tianjin-Hebei and nearby areas, Beijing environmental authorities said on Thursday February 21.

In economic news, a report from the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected in the week ended February 16th, dropping to 216,000, down 23,000 from previous week’s unrevised level of 239,000.

According to data released by the Commerce Department, durable goods orders surged up by a less than expected 1.2% in December, after jumping by an upwardly revised 1% in November.

Now a day ahead economic data slated for release today include Germany’s fourth-quarter GDP growth and February Ifo business climate index, the eurozone’s January CPI and US weekly oil rig count report from Baker Hughes. Officials from China and the US will continue their trade negotiations in Washington today.

Trading Ideas:
–Aluminium trading range for the day is 131-136.6.
–Aluminium prices gained spurred by the news of the shutdown of 110,000 mt of aluminium capacity in a capacity swap.
–Global aluminum output was 171,100 tons a day in January, down from 177,400 tons in Dec., according to the International Aluminum Institute.
–Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if there is no deal.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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