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
Zinc market under long liquidation; Support seen at 172.7
Technically market is getting support at 148.5 and below same could see a test of 147.1 levels and resistance is now likely to be seen at 151.8, a move above could see prices testing 153.7.
Aluminium on MCX settled down -0.76% at 149.90 snap a five-session winning streak on Thursday as trade tensions between the United States and top metals consumer China upstaged optimism over the chances of clinching a new NAFTA.
LME aluminium slipped 0.4 percent but is on course for its best month since April, when U.S. sanctions on Rusal were announced. Benchmark aluminium on the LME slipped by 1.1 percent to $2,148 a tonne in official trading rings after jumping 1.8 percent in the previous session. It hit a two-month high of $2,178 on Wednesday.
The leaders of the United States and Canada expressed optimism on Wednesday that they could reach a new NAFTA deal by a Friday deadline. While sentiments remain weak after Trump has signed proclamations permitting targeted relief from aluminium import quotas from Argentina, the U.S. Commerce Department said.
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In 2017 Argentina exported $763 million of aluminium, mostly to the NAFTA market. From inventories side Cancelled warrants, material earmarked for delivery, rose by 24,850 tonnes, reducing on-warrant stocks available to the market to 781,475 tonnes, which is the lowest since March 2007.
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.
Base metals dipped for the most part as LME zinc led the losses and closed 2% lower. LME aluminium lost 1.3%, nickel dropped over 1%, lead fell 0.62%, copper declined 0.27%, while tin jumped 1.34%. SHFE nickel slid 1.2%, zinc decreased 0.54%, and aluminium went down 0.5%.
Trading Ideas:
–Aluminium trading range for the day is 147.1-153.7.
–Aluminium slips from highs as U.S.-China tensions return to focus
–U.S. President Donald Trump has signed proclamations permitting targeted relief from aluminium import quotas from Argentina, the U.S. Commerce Department said.
–China shut 730,000 mt of aluminium capacity in Jun-Aug
Courtesy: Kedia Commodities
Source: Commodityonline.com
