MCX Nickel may trade between 911.6-946.2 levels
MCX Aluminium likely to move in a range of 141.5-146.3
MCX Mentha Oil under short covering; Support seen at 1655.9
Natural Gas market under fresh buying; Support seen at 206.4
MCX Crude Oil likely to trade in a range between 4711-4819
Technically Copper market is getting support at 406.5 and below same could see a test of 402.2 levels and resistance is now likely to be seen at 413.8, a move above could see prices testing 416.8.
Copper on MCX settled down 0.35% at 410.75 dropped in the line of expectation tracking weakness from LME copper prices which edged down moving lower for a third straight session due to a stronger dollar and after U.S. and Chinese officials ended two days of trade talks without any major breakthroughs.
LME copper is still on course to end the week 0.7 percent higher, which would mark its first weekly jump since the week ended Jul. 27, as the trade talks fuelled optimism. The metal remains down 5.2 percent this month on concerns the U.S.-China trade row will hurt demand for industrial metals and is heading for its worst month since August 2016.
Last night the dollar stopped a five-day losing streak and the euro fell on Thursday. The greenback received a boost from political uncertainty, a new round of trade tariffs and the Federal Reserve’s latest policy meeting minutes that left little doubt that the US central bank will further raise interest rates.
The dollar index gained 0.57% to close at 95.617. LME base metals closed mixed on Thursday. Lead soared over 2%, aluminium inched up 0.24%, zinc nudged up 0.1% while copper dropped 0.76% and nickel slumped 2.5%. Meanwhile the global world refined copper market showed a 31,000-tonne deficit in May, compared with a 105,000-tonne deficit in April, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Now day ahead the key developments to monitor today are Germany’s GDP growth in the second quarter, US durable goods orders data for July.
Trading Ideas:
–Copper trading range for the day is 402.2-416.8.
–Copper prices slid as a trade dispute between Washington and Beijing deepened, triggering concerns about demand for industrial metals.
–China and US will hold lower-level trade talks this week to resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.
–Hedge funds and money managers trimmed their net short position in copper futures and options, data from the U.S. commodity regulator showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
