Cotton market under fresh buying;Support seen at 22676
MCX Crude Oil expected to trade between 4896-5076
MCX Cardamom may trade between 1347.2-1413.2 levels
NCDEX Jeera under fresh buying; Resistance seen at 19490
NCDEX Turmeric under long liquidation
Technically MCX Silver is getting support at 37410 and below same could see a test of 37195 levels and resistance is now likely to be seen at 37745, a move above could see prices testing 37865.
Silver seen pressure Chinese President Xi Jinping gave a speech about his government’s determination to engage in economic reforms amid an escalating trade war between Beijing and Washington. Xi told UN Secretary-General Antonio Guterres in Beijing that “China’s determination to fully deepen reforms will not change.
We are willing to use practical actions to drive all parties to jointly adhere to trade liberalization and facilitation and build an open world economy.”
The U.S. and China slapped 25% tariffs on $16 billion worth of products on each other in late August, rattling markets, while Reports suggested that the Trump administration was prepared to impose tariffs on an additional $200 billion of Chinese goods as soon as this week.
In other news, Japanese Prime Minister Shinzo Abe said on Sunday that his country’s relationship with China had returned to a “normal track”. The leader of the world’s third largest economy, Abe, is expected to visit the world’s second largest, China, at the end of October.
Abe also said that the financial conversation with China was “extremely good” and both countries will keep on cooperating in macro-economic policies and measures.
Perth Mint Silver sales in August rose nearly 7 percent from July to 520,245 ounces. From a year earlier, sales advanced about 33 percent. Silver prices fell 6.5 percent in August, marking their third straight monthly decline. The Perth Mint refines more than 90 percent of newly mined gold in Australia, the world’s second-largest gold producer after China.
Trading Ideas:
–Silver trading range for the day is 37195-37865.
–Silver seen pressure after Chinese President told about his government’s determination to engage in economic reforms amid an escalating trade war.
–Markets are nervous about the escalating trade conflict between the United States and China.
–US Trump said there was no need to keep Canada in NAFTA and warned Congress not to meddle with the trade negotiations or he would terminate the trilateral trade pact altogether.
Courtesy: Kedia Commodities
Source: Commodityonline.com
