MCX Nickel may trade between 934.2-961.2 levels
MCX Zinc may trade in range between 174.8-180 levels
MCX Mentha Oil under short covering; Support seen at 1710.4
MCX Copper may trade in a range between 418.1-427.1
Natural Gas market under fresh buying; Support seen at 200.6
Technically Aluminium market is under short covering and getting support at 148.9 and below same could see a test of 146.7 level, And resistance is now likely to be seen at 152.7, a move above could see prices testing 154.3.
Aluminium on MCX settled up 1.72% at 151.05 as support on concerns of a tightening environmental crackdown in China.
While Upside is capped as U.S. President Donald Trump allowed relief on aluminium import quotas from Argentina resulting same London aluminium prices fell for the first time in six sessions today, after Trump, who put in place tariffs on steel and aluminium imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminium from Argentina, the U.S. Commerce Department said in a statement on Wednesday.
Three-month aluminium on the London Metal Exchange fell 0.7 percent to $2,157 a tonne, after jumping 1.8 percent in the previous session. It hit a two-month high of $2,178 on Thursday and has climbed for five straight days on rising input costs for smelters.
Last night the US dollar index slumped to the lowest in four weeks, as investors lost confidence in the dollar after the US and Mexico reached a preliminary agreement to change parts of the NAFTA. Base metals closed mixed.
Where LME nickel lost over 1.6%, tin fell 0.75%, copper slid 0.65%, zinc inched down, while aluminium jumped 1.13%, and lead gained 0.53%. SHFE zinc rose 0.57%, lead increased 0.55%, aluminium grew 0.13%, while nickel lost 0.35%, copper dropped 0.31%, and tin edged down. While The country’s pending home sales index decreased 0.7% to 106.2 in July, compared with an expected increase of 0.3%, according to the NAR.
Trading Ideas:
–Aluminium trading range for the day is 146.7-154.3.
–Aluminium prices gained amid a strike at an Alcoa Corp alumina plant in the west of Australia has impacted exports.
–China is shipping unusually high volumes of alumina for a second time this year to an international market desperate for the ingredient used to make aluminium.
–US wholesale inventories gained 0.7% in July and stocks at retailers increased 0.4%, suggesting inventories could bolster gross domestic product this quarter.
Courtesy: Kedia Commodities
Source: Commodityonline.com
