MCX Zinc likely to trade in a range between 177.3-190.1
MCX Natural Gas expected to trade in a range between 211.6-226
MCX Nickel likely to move in a range of 909.3-965.3
MCX Aluminium may trade between 145-151.2 levels
MCX Mentha Oil likely to trade in a range of 1647.9-1736.9
Technically Copper market is getting support at 456.2 and below same could see a test of 453.2 levels and resistance is now likely to be seen at 462.7, a move above could see prices testing 466.2.
Copper on MCX settled up 0.21% at 459.10 gained on short covering held near 10-week highs hit last week as the market waited to see how the U.S.-China trade dispute would develop after both countries imposed new tariffs on imports.
While today copper prices can seen weakness as an intensifying trade war between Washington and Beijing raised concerns over demand for industrial metals in top consumer China.
Three-month copper on the London Metal Exchange slid 2.2 percent to $6,214 a tonne in early morning session while the most-traded copper contract on the Shanghai Futures Exchange gained 0.9 percent to 50,060 yuan ($7,295.25) a tonne.
The United States and China imposed fresh tariffs on each other’s goods on Monday as the world’s biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth.
While US tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products took effect at midday Asian time on Monday, though the initial level of the duties was not as high as earlier feared. 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.
Trading Ideas:
–Copper trading range for the day is 453.2-466.2.
–Copper ended with small gains as investors searched for fresh clues before a widely expected interest rate hike by the US central bank this week.
–The global world refined copper market showed a 45,000 tonnes deficit in June, compared with a 50,000 tonnes deficit in May.
–Hedge funds and money managers trimmed their net short position in COMEX copper contracts in the week to Sept. 18, U.S. CFTC data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
