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Saturday, June 3, 2023

MCX Nickel likely to move in a range of 905.2-938.6

MCX Aluminium expected to trade between 133-137 levels

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 MCX Nickel market is getting support at 914.9 and below same could see a test of 905.2 level, And resistance is now likely to be seen at 931.6, a move above could see prices testing 938.6.

Nickel on MCX settled up 1.18% at 924.70 continued to hold the gains made over the last week, with the former trading near $13,000 per tonne on LME  with 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 on Wednesday as investors digested testimonies from the lead US trade negotiator with China and the top ranking Federal Reserve 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.

Now a day ahead economic data slated for release today include China’s official manufacturing PMI for February, Germany’s CPI for February, the US’ weekly jobless claims, PCE price index, GDP and consumer spending for the fourth quarter as well as Chicago PMI for February. The US-North Korean summit in Hanoi would be another key thing to watch today.

Trading Ideas:
–Nickel trading range for the day is 905.2-938.6.
–Nickel gained as the market digested the US-China trade optimism, supply concerns in China and overseas.
–U.S. Federal Reserve Chairman Jerome Powell said he is in “no rush to make a judgment” about further changes to interest rates.
–Weather bureau of China’s eastern coastal Jiangsu province lifted the smog orange alert for eight cities along.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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