MCX Nickel may trade between 911.6-946.2 levels
MCX Mentha Oil under short covering; Support seen at 1655.9
MCX Copper likely to trade between 402.2-416.8 levels
Natural Gas market under fresh buying; Support seen at 206.4
MCX Crude Oil likely to trade in a range between 4711-4819
Technically Aluminium market is getting support at 143.1 and below same could see a test of 141.5 level, And resistance is now likely to be seen at 145.5, a move above could see prices testing 146.3.
Aluminium on MCX settled up 0.77% at 144.55 on short covering as support seen from LME Aluminium prices which gained 0.5 percent at $2075 as support seen after US disrupts aluminium supply chain.
Meanwhile China and the United States had a constructive and candid exchange over trade issues, the Chinese commerce ministry said in a statement on its website on Friday.
Meanwhile the US and China escalated their trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.A rising U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, which could potentially subdue demand.
While Federal Reserve officials discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the U.S. central bank’s last policy meeting showed.
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. 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. Also a three-day congregation among leading central bankers at Jackson Hole, Wyoming, began on Thursday. Fed Chair Jerome Powell will address attendees in a speech on Friday.
Trading Ideas:
–Aluminium trading range for the day is 141.5-146.3.
–Aluminium gained tracking firmness in LME prices on short covering after prices remained under pressure amid concerns of escalated US-China trade tension.
–U.S. and Chinese officials met for the first time in more than two months to try find a way out of their deepening trade conflict.
–Primary aluminium inventories across major consumption areas in China registered a faster decline on the week, with limited arrivals and downstream purchases.
Courtesy: Kedia Commodities
Source: Commodityonline.com
