MCX Nickel likely to move in a range of 905.2-938.6
MCX Mentha Oil likely to trade in a range of 1602.7-1646.9
NCDEX Chana under long liquidation; Support seen at 4075
MCX Cotton under fresh selling; Support seen at 20420
NCDEX Jeera likely to move in a range of 15185-15655
Technically Aluminium market is getting support at 134.1 and below same could see a test of 133 level, And resistance is now likely to be seen at 136.1, a move above could see prices testing 137.
Aluminium on MCX settled up 0.78% at 135.20 supported by new market talks of headwinds against the full production recovery of Hydro’s Alunorte alumina refinery in Brazil while traders adhere caution a softer US dollar index and continued optimism over US-China trade talks failing to spur consistent price rallies across the complex.
Last night base metals traded higher across the board with Lead advanced 2.37%, nickel climbed close to 1.18%, copper rose 0.87%, aluminium and zinc gained 0.50% as investors digested testimonies from the lead US trade negotiator with China and the top ranking Federal Reserve official.
Meanwhile the US dollar rebounded as investors digested testimonies from the lead US trade negotiator with China and the top ranking Fed official. Also Fed Chair Jerome Powell finished his second day of testimony in front of the House Financial Services Committee.
In a prepared statement, Powell told lawmakers Tuesday that while the US economy looks “healthy” and the outlook is “favorable,” there are some worrying signs on the horizon.
US Trade Representative Robert Lighthizer also spoke Wednesday, saying in front of the House Ways and Means Committee that US issues with China are “too serious” to be resolved by promises of more purchases of US goods by Beijing.
The US trade deficit in goods jumped in December amid a surge in imports, a move that could cause fourth-quarter economic growth estimates to be lowered, according an advanced look from the Census Bureau on Wednesday.
–Aluminium trading range for the day is 133-137.
–Aluminium prices remained supported by new market talks of headwinds against the full production recovery of Hydro’s Alunorte alumina refinery in Brazil.
–The Federal Reserve is in “no rush to make a judgment” about further changes to interest rates, Fed Chairman Jerome Powell told.
–Prime Minister Theresa May was considering delaying the March 29 deadline for the UK’s exit from the European Union.
Courtesy: Kedia Commodities