Mentha Oil market under long liquidation; Support seen at 1701.5
MCX Nickel likely to trade in a range between 879.6-918.2
Zinc market under fresh selling; Support seen at 164.7
MCX Copper expected to trade between 417.1-435.9 levels
MCX Natural Gas may trade between 196.8-204.2 levels
Technically MCX Aluminium is getting support at 144.3 and below same could see a test of 143.4 levels and resistance is now likely to be seen at 146.5, a move above could see prices testing 147.8.
Aluminium on MCX settled down -0.31% at 145 as the market continues to expect U.S. sanctions on Russia’s Rusal to be delayed. Worries that the U.S.-China trade dispute will damage growth in China, the world’s largest metals consumer, have helped push the metal used in power and construction down some 20 percent from a June high.
Despite an uptick in Chinese industrial output, data suggested the country’s economy would cool further in coming months and government support measures would take time to kick in.
China’s growth looks set to cool further in coming months, with a barrage of August economic data doing little to dispel views that domestic demand is softening and government support measures will take some time to kick in.
While industrial output and retail sales readings were better than expected, most other indicators over the past week were more downbeat, with a key investment gauge falling to a fresh low and broad credit growth the slowest on record. China’s aluminium producers cut output by 3 percent in August from the month before, data showed, as high raw material costs squeeze their profit margins.
China, the world’s biggest aluminium producer, churned out 2.84 million tonnes of the metal last month, according to the National Bureau of Statistics (NBS). That was down from 2.93 million tonnes in July, which matched the all-time monthly high, but was up 7.8 percent from a year earlier, the NBS said. On a daily basis, China produced around 91,600 tonnes of primary aluminium last month, the lowest since May, according to Reuters calculations based on the data.
Trading Ideas:
–Aluminium trading range for the day is 143.4-147.8.
–Aluminium dropped as the market continues to expect U.S. sanctions on Russia’s Rusal to be delayed.
–China’s aluminium producers cut output by 3 percent in August from the month before, data showed, as high raw material costs squeeze their profit margins.
–China, churned out 2.84 million tonnes of the metal last month, according to the National Bureau of Statistics (NBS).
Courtesy: Kedia Commodities
Source: Commodityonline.com
