Mentha Oil market under fresh selling; Resistance seen at 1552.8
Zinc market under fresh selling; Support seen at 177.2
MCX Cotton market under short covering; Support seen at 23770
MCX Cardamom under short covering
NCDEX Jeera under fresh selling; Support seen at 19900
Technically Nickel market is under short covering as market has witnessed drop in open interest by 1.94% to settled at 7877 while prices up 15.1 rupees.
Now MCX Nickel is getting support at 922 and below same could see a test of 902.8 levels and resistance is now likely to be seen at 952.1, a move above could see prices testing 963.
Nickel on MCX settled up 1.63% at 941.30 tracking rise in LME prices as shrinking LME and SHFE inventory gave some support to nickel prices. Nickel ore inventory across Chinese ports increased by 490,000 wmt from a week ago to 10.79 million wmt.
Nickel stocks in Shanghai bonded warehouses grew 6% from a week ago to 61,000 mt. China’s offshore yuan rebounded after the country’s central bank on Friday imposed a reserve requirement of 20% on trading of foreign exchange forward contracts. Beijing also announced retaliatory tariffs on $60 billion worth of US goods, and warned of further measures.
China’s Caixin services purchasing managers’ index (PMI) in July fell to the lowest level since March, at 52.8, from June’s 53.9. This was mainly due to the smallest growth in new business since December 2015. Eurozone retail sales rose by 0.3% in June, less than the expected 0.4%, data from the European statistics office Eurostat showed on Friday.
On a yearly basis, retail sales in the 19 countries sharing the currency increased by 1.2%, below the expected 1.4%.US trade deficit widened in June amid the country’s ongoing tariff battle with its global trading partners. The total deficit in goods and services rose to $46.3 billion for the month, from $43.2 billion in May, the Commerce Department reported Friday.
Imports increased by $1.6 billion, to $260.2 billion, while exports declined by $1.5 billion, to $213.8 billion.
Trading Ideas:
–Nickel trading range for the day is 902.8-963.
–Nickel gained tracking rise in LME prices as shrinking LME and SHFE inventory gave some support to nickel prices.
–Nickel ore inventory across Chinese ports increased by 490,000 wmt from a week ago to 10.79 million wmt.
— Nickel stocks in Shanghai bonded warehouses grew 6% from a week ago to 61,000 mt.
Courtesy: Kedia Commodities
Source: Commodityonline.com
