MCX Cotton under fresh selling; Resistance seen at 24016
MCX Cardamom under fresh selling; Support seen at 1089.2
Natural Gas market under fresh buying; Resistance seen at 203.9
Crude Oil market under fresh selling; Support seen at 4495
NCDEX Jeera under fresh buying; Resistance seen at 20200
Technically Silver market is under short covering as market has witnessed drop in open interest by 1.24% to settled at 26401 while prices up 64 rupees.
Now MCX Silver is getting support at 37787 and below same could see a test of 37628 levels and resistance is now likely to be seen at 38092, a move above could see prices testing 38238.
Silver traded in range as a Federal Reserve policymaker reiterated the need for rate hikes and a stronger dollar weakened demand for the precious metal. China announced that it would levy additional import tariffs of 25% on $16 billion worth of US goods ranging from oil and steel products to autos and medical equipment on August 23.
That came in response to the US decision of imposing the same tariff on an equal amount of Chinese imports on the same day. China’s foreign trade maintained steady growth in the first seven months of this year despite escalating tensions with the US.
Customs data showed the country’s goods trade went up 8.6% year on year to 16.72 trillion yuan ($2.45 trillion) during January-July. Exports rose 5% year on year while imports grew 12.9%, resulting in a trade surplus of just 1.06 trillion yuan, narrowed by 30.6%.In July, China’s exports rose 12.2% from a year earlier, beating forecasts of a 10% increase, and up from a 11.2% gain in June.
Imports also grew 27.3%, beating a forecast of 16.2%, and it compared with a 14.1% rise in June. China’s trade surplus with the US dipped only slightly to $28.09 billion last month from a record $28.97 billion in June. Key things to watch today include China’s consumer and producer inflation, total social financing and M2 money supply in July, US producer inflation in July, initial jobless claims last week and wholesale inventories in June.
Trading Ideas:
–Silver trading range for the day is 37628-38238.
–Silver traded in range as a Federal Reserve policymaker reiterated the need for rate hikes and a stronger dollar weakened demand for the precious metal.
–The U.S. Trade Representative’s office said the U.S. would begin collecting 25 percent tariffs on another $16 billion in Chinese goods later this month.
–US job openings held near record highs in June amid a modest decline in hiring, pointing to further tightening labour market conditions.
Courtesy: Kedia Commodities
Source: Commodityonline.com
