MCX Nickel may trade between 897.7-921.3 levels
MCX Aluminium likely to move in a range of 146.8-151.4
MCX Mentha Oil under long liquidation
Natural Gas likely to trade between 199.5-208.7 levels
Cotton market under fresh buying;Support seen at 22676
Technically Copper market is under fresh buying as market has witnessed gain in open interest by 3.77% to settled at 20215.
Now Copper is getting support at 421.3 and below same could see a test of 418.8 levels and resistance is now likely to be seen at 426, a move above could see prices testing 428.2.
Copper on MCX settled up 0.01% at 423.85 on fresh buying which support seen from Rupee weakness, prices likely to remain under pressure in coming weeks due to a strengthening dollar and the negative impact on the global economy, following the ongoing trade war between the United States and China.
Copper production at Codelco, Chile’s state-owned copper mining company, rose 2% in the first half of 2018 to 813,000 tonnes and total production of copper including from red metal mined in its other holdings totalled 875,000 tonnes.
Benchmark copper London Metal Exchange on Tuesday hit its weakest in nearly two weeks at $5,935 a tonne before steadying to trade flat at $5,968 a tonne, after closing little changed the session before. Shanghai Futures Exchange copper fell 0.4 percent to 47,970 yuan ($7,034) a tonne.
Meanwhile Chilean state miner Codelco halted the operations of three out of four furnaces at its Ventanas copper foundry on Monday morning after high levels of sulphur dioxide were detected, it said in a statement. Last night the US dollar inched up 0.01% to close at 95.1, following news that manufacturing activity in the UK slowed more than expected in August.
Base metals, except for lead, dropped across the board. Day ahead the market should monitor key data today including the US Markit as well as ISM manufacturing PMI for August. Governor of the BoE, Mark Carney, will also speak about the BoE’s decision to raise interest rates in August and its latest inflation reports.
Trading Ideas:
–Copper trading range for the day is 418.8-428.2.
–Copper settled flat as jitters over renewed trade tensions between the United States and China weighed on risk appetite and pushed up the dollar.
–China’s manufacturing activity grew at the slowest pace in more than a year in August, with export orders shrinking for a fifth month and employers cutting more staff.
–Copper production at Codelco, Chile’s state-owned copper mining company, rose 2 percent in the first half of 2018 to 813,000 tonnes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
