MCX Natural Gas may trade in a range between 205-209.6
Crude Oil market under fresh buying; Support seen at 4673
MCX Cotton under fresh selling; Resistance seen at 23440
MCX Cardamom under long liquidation
MCX Silver may trade between 36627-37309 levels
Technically Copper market is getting support at 410.4 and below same could see a test of 408.7 levels and resistance is now likely to be seen at 414.6, a move above could see prices testing 417.1.
Copper on MCX settled down 0.93% at 412.20 slipped on Wednesday as worries about demand resurfaced ahead of trade talks between the United States and China that are seen as unlikely to yield progress.
Concerned seen as US and Chinese officials are set to resume contentious trade talks on Wednesday under the cloud of a prediction by U.S. President Donald Trump that there would be no real progress.
The discussions among mid-level officials could set a framework for further negotiations as each country prepares to hit the other with new tariffs on Thursday in a deepening dispute over China’s economic policies.
China almost quadrupled the value of fixed-asset investment projects approved in July from the previous month as Beijing looked to accelerate infrastructure spending to stabilise the cooling economy. Last night the US dollar index closed at 95.075 after it fell to 94.93, the lowest since August 2 as officials at the Federal Reserve said that it will “likely soon be appropriate to take another step in removing policy accommodation”.
The Fed meeting minutes for August also showed that central bank officials are concerned that the ongoing trade war will pose the biggest threat to an otherwise “strong” economy. Now day ahead the key developments to monitor today are the August Markit manufacturing PMI data for the eurozone, Germany and the US, US weekly initial claims, July new home sales as well as preliminary eurozone consumer confidence figures for August. Also the ECB will release minutes for its monetary policy meeting today.
Trading Ideas:
–Copper trading range for the day is 408.7-417.1.
–Copper prices slipped as worries about demand resurfaced ahead of trade talks between the United States and China that are seen as unlikely to yield progress.
–Cancelled warrants –for copper in LME-approved warehouses – have risen above 67,000 tonnes, from around 25,000 tonnes last week.
–Inventories of copper in China, at 155,076 tonnes in warehouses monitored by the Shanghai Futures Exchange have halved since a 2018 peak in March.
Courtesy: Kedia Commodities
Source: Commodityonline.com
