MCX Natural Gas expected to trade in a range between 211.6-226
MCX Aluminium may trade between 145-151.2 levels
MCX Mentha Oil likely to trade in a range of 1647.9-1736.9
Crude Oil market under fresh buying; Support seen at 5179
Silver market under short covering; Support seen at 37499
Technically MCX Nickel is getting support at 919.6 and below same could see a test of 909.3 level, And resistance is now likely to be seen at 947.6, a move above could see prices testing 965.3.
Nickel on MCX settled down 2.58% at 929.80 on long liquidation tracking weakness from LME Nickel prices which dropped 1.3 percent to settled at $13,075 as prices of base metals on the London Metal Exchange were predominantly lower broadly capped by weakening investor sentiment amid another round of US-imposed tariffs on approximately $200 billion worth of Chinese goods.
US tariffs on $200 billion of Chinese goods and retaliatory tariffs by Beijing on $60 billion of U.S. products took effect on Monday. The United States will levy tariffs of 10 percent initially, rising to 25 percent at the end of 2018.
Beijing has imposed rates of 5-10 percent and warned it would respond to any rise in U.S. tariffs on Chinese products accordingly. The base metals’ weaker showing follows China’s decision on Saturday to withdraw from planned trade talks with the United States and the imposition of fresh tariffs between the two nations on Monday.
Yesterday in China, the Shanghai Futures Exchange was closed on Monday in observance of the Mid-Autumn Festival. Now market participants today should monitor US FHFA home prices for July and the Conference Board consumer confidence for September.
And Fed’s policy makers will meet for a two-day meeting ending Wednesday and the market is pricing in over a 90% chance of a quarter-point rate increase. The Fed has penciled in four moves in total this year and that means another hike is likely in December, though traders have shown some flashes of wavering confidence of late, citing trade uncertainty and global economic hiccups.
Trading Ideas:
–Nickel trading range for the day is 909.3-965.3.
–Nickel dropped as buying was thinned by holidays in China and Japan, a session after it advanced on receding trade war concerns.
–The United States and China imposed fresh tariffs on each other’s goods as the world’s biggest economies showed no signs of backing down.
–U.S. tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products took effect on Monday
Courtesy: Kedia Commodities
Source: Commodityonline.com
