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Saturday, June 3, 2023

MCX Aluminium may trade between 143.1-146.5 levels

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MCX Mentha Oil under short covering; Resistance seen at 1626.8

NCDEX Chana likely to move in a range of 4062-4210

Short Covering seen in MCX Cotton

NCDEX Jeera may trade between 15325-15765 levels

Technically MCX Aluminium market is getting support at 143.8 and below same could see a test of 143.1 level, And resistance is now likely to be seen at 145.5, a move above could see prices testing 146.5.

Aluminium on MCX settled down 0.93% at 144.3 as China cut its economic growth target and pledged measures to support its cooling economy. Concerns over additional US’ tariffs slated to take effect at the start of the year grew China’s exports of aluminium alloy wheels in January, according to the latest customs data.

China exported 90,200 mt of aluminium alloy wheels in January, up 11.63% from December and up 10.95% from January 2018, showed data from China Customs. Last night Base metals declined as investors awaited more signs on whether demand in top metals consumer China would rebound after the Lunar New Year.

Yesterday the US dollar increased to a two-week high against a basket of currencies as unexpectedly strong data on US services industries and new home sales allayed some worries about the US economy. Pressure also seen as China’s service sector grew at the slowest pace in February, according to a private indicator on Tuesday.

This was consistent with an official gauge that pointed to growing headwinds faced by service providers. The Caixin China services PMI declined to 51.1 in February from January’s 53.6. Growth in new orders fell to the weakest since October, while export sales also rose at the slowest in five months, reflecting softer demand both at home and overseas. Now a day ahead traders are looking for China will release data on its foreign exchange reserve for February, and the US will release its ADP payroll data of last month, its trade account for December.

Trading Ideas:
–Aluminium trading range for the day is 143.1-146.5.
–Aluminium dropped as the U.S. dollar strengthened and China cut its economic growth target and pledged measures to support its cooling economy.
–China will cut billions of dollars in taxes and fees, increase infrastructure investment, and step up lending to small firms.
–U.S. Secretary of State Mike Pompeo said he thought the United States and China were “on the cusp” of a deal to end their trade war.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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