MCX Nickel likely to move in a range of 889.3-933.7
MCX Menthol Oil under fresh selling; Resistance seen at 1652.2
MCX Cardamom under long liquidation
NCDEX Jeera likely to move in a range of 18675-19205
NCDEX Turmeric under fresh selling; Support seen at 6492
Technically Aluminium market is getting support at 145.3 and below same could see a test of 144.4 level, And resistance is now likely to be seen at 147.9, a move above could see prices testing 149.6.
Aluminium on MCX settled down 1.25% at 146.20 tracking weakness from Shanghai aluminium prices which dropped for a fourth session on Friday and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter.
A higher US dollar on Federal Reserve’s rate hikes weighed on the contract. Rusal is likely to set up a traders’ team in China for the transaction of its aluminium ingot, and this also depressed market sentiment.
While the China’s aluminium inventory cycle has lingered in a destocking phase for 25 weeks as of Wednesday September 26, SMM data showed. This stood in line with the longest destocking period during 2007-2018, which was first recorded in 2011.
Last night the dollar notched the largest daily increase in close to seven weeks against a basket of other major currencies on Thursday, boosted by the Federal Reserve’s outlook for more rate hikes beyond this year as well as a weakening of the euro on worries about the Italian budget. Most LME and SHFE base metals ended in negative territory overnight..
Now a Day ahead traders will be eyeing on Key economic data slated for release today include China’s September manufacturing activity, Germany’s September unemployment rate, the eurozone’s September consumer inflation and US August PCE inflation, personal income and spending and September consumer confidence.
Trading Ideas:
–Aluminium trading range for the day is 144.4-149.6.
–Aluminium dropped as Rusal is likely to set up a traders’ team in China for the transaction of its aluminium ingot.
–The China’s aluminium inventory cycle has lingered in a destocking phase for 25 weeks.
–Social inventories of primary aluminium across major consumption areas in China, coming at 1.606 million mt, decreased 29.64%.
Courtesy: Kedia Commodities
Source: Commodityonline.com
