MCX Nickel may trade between 923.4-967.4 levels
MCX Mentha Oil market under short covering
MCX Zinc may trade in a range between 175.6-181.6
MCX Copper likely to trade between 414-429.6 levels
MCX Natural Gas may trade in a range between 198.3-203.5
Technically Aluminium market is getting support at 146.4 and below same could see a test of 144.1 level, And resistance is now likely to be seen at 149.9, a move above could see prices testing 151.1.
Aluminium on MCX settled up 2.41% at 148.50 tracking firmness from LME Aluminium which ended up 1.8 percent at $2,133.50 as support seen on tight supplies and higher purchasing prices of alumina in the overseas market pulled up LME aluminium, which soared to an intraday high of $2,142/mt.
As longs flooded in, the SHFE aluminium soared to an intraday high of 15,000 yuan/mt and its open interests surged more than 10,000 lots in the last 20 minutes before close. This came after news that Alcoa’s and South32’s alumina refineries in Western Australia (WA) have delayed their shipments.
Workers continued their strike at Alcoa refinery plants and bauxite mines in WA. Meanwhile, maintenance at South32’s Worsley alumina refinery in WA affected output by some 200,000 mt. The contract went up 1.18% during the trading day and closed at 14,970 yuan/mt.
Most LME and SHFE base metals gained. LME aluminium jumped 2.4%, nickel rose 1.6%, copper increased over 1%, while SHFE nickel surged 1.5%, aluminium went up 1.2%, and copper closed 0.78% higher.
While US wholesale inventories gained 0.7% in July and stocks at retailers increased 0.4%, suggesting inventories could bolster gross domestic product this quarter.
With another fairly light week on the economic calendar investors will continue to monitor developments on the U.S. political front after a bruising week for President Donald Trump, following the criminal conviction of two associates. Today investors will get the chance to parse a revision to second quarter U.S. GDP.
Trading Ideas:
–Aluminium trading range for the day is 144.1-151.1.
–Aluminium gained as tight supplies and higher purchasing prices of alumina in the overseas market pulled up prices.
–China’s export of unwrought aluminium and aluminium semis in July rose 18% from a year ago to stand at 519,000 mt.
–China’s aluminium exports rose to their second-highest level on record in July.
Courtesy: Kedia Commodities
Source: Commodityonline.com
