MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
NCDEX Ref Soy Oil under short covering
MCX Crude Palm Oil under short covering; Resistance seen at 594.3
Technically market is getting support at 418.7 and below same could see a test of 415 levels and resistance is now likely to be seen at 424.7, a move above could see prices testing 427.
Copper on MCX settled up 0.07% at 422.25 on short covering while LME copper edged down 0.1 percent to $6,080 a tonne and in Shanghai copper was trading 0.6 percent lower. Support seen on MCX Copper as U.S. Dollar has moved to fresh record high against the Indian rupee as emerging market currencies come back under pressure against the greenback.
Investor risk aversion intensifies as US President Donald Trump plans to move forward with tariffs on another $200 billion worth of Chinese imports, according to a new report. This is set to weigh on copper prices in the short run.
London Metal Exchange copper has traded lower for three straight sessions and is on course for a monthly drop of 4.2 percent in August, after a 4.9 percent plunge in July, amid fears the trade spat will crimp demand for industrial metals.
While Striking workers at state-owned Codelco’s Andina copper mine have rejected their employers’ latest contract offer, the company and union said on Wednesday. The 83 workers of the Plantas de Andina union began a strike on Aug. 20 after contract negotiations over salaries and bonuses failed.
This week the union rejected the company’s latest offer, a $15,900 package of bonuses and benefits that included a 1 percent salary increase and signing bonus of $10,800, Codelco COBRE.UL said in a statement. Last night the US dollar index rebounded for the first time in five trading days, while the Turkish lira and the Argentinian peso fell as a selloff in emerging market currencies gathered pace.
Trading Ideas:
–Copper trading range for the day is 415-427.
–Copper settled flat amid possibility of the trade dispute between Washington and Beijing escalating and its potential to crimp demand in China.
–Striking workers at state-owned Codelco’s Andina copper mine have rejected their employers’ latest contract offer, the company and union said.
–Investors lost confidence in the dollar after the US and Mexico reached a preliminary agreement to change parts of the North American Free Trade Agreement (NAFTA).
Courtesy: Kedia Commodities
Source: Commodityonline.com
