Mentha Oil market under long liquidation; Support seen at 1745.6
Aluminium market under fresh selling; Support seen at 144.2
MCX Cotton under long liquidation
MCX Cardamom under long liquidation; Resistance seen at 1450.3
NCDEX Jeera likely to move in a range of 19450-20380
Zinc on MCX settled down 2.29% at 168.45 as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war.
China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.
Investors were also eyeing a slew of Chinese data due out for trading cues, including industrial output and retail sales. Meanwhile China and the United States are set to return to the table with the threat of new U.S. tariffs looming after Treasury Secretary Steven Mnuchin extended the invitation to counterparts in Beijing.
The official China Daily said that while China was “serious” about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.
Last night the US dollar fell to low in one and a half months against a basket of currencies after data showedthat US consumer prices increased less than expected in August, paring traders’ outlook that domestic inflation is accelerating.
Signs of eased trade tension between China and the US, with the potential trade negotiations, also pressured the greenback. For today market participants should monitor data such as the US retail sales for August, the University of Michigan consumer confidence index for September, and China’s total retail sales of consumer goods last month.
Trading Ideas:
–Zinc trading range for the day is 165.5-173.9.
–Zinc dropped after President Donald Trump’s remarks on trade knocked investor optimism on U.S.-China relations.
–Chile produced 3.31 million tonnes of copper in the first seven months of the year, an increase of 10.8 percent from the same period a year earlier.
–China was considering allowing its northern provinces to determine their own restrictions on industrial output this winter.
Courtesy: Kedia Commodities
Source: Commodityonline.com
