MCX Crude Oil expected to trade in a range between 5174-5316
Natural Gas market under fresh buying; Support seen at 218.1
Silver market under fresh selling; Support seen at 37320
MCX Nickel likely to move in a range of 889.3-933.7
MCX Aluminium may trade between 144.4-149.6 levels
Technically Copper market is under long liquidation as market has witnessed drop in open interest by 18.38% to settled at 11769.
Now MCX Copper is getting support at 444.5 and below same could see a test of 440.5 levels and resistance is now likely to be seen at 454, a move above could see prices testing 459.5.
Copper on MCX settled down 1.81% at 448.35 as risk aversion made investors covered their longs ahead of the National Day holiday. Persistent concerns over tit-for-tat trade tariffs between China and the United States are denting demand for risky assets.
Premiums for metal on the physical market in China are at $117.50 a tonne, up nearly 40 percent since August. 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. LME with zinc dropped 1.14%, aluminium lost 1.46%, copper fell 1.75%, nickel tumbled 2.11% while lead gained 0.74%.
While New industrial data for August suggests China’s industrial companies are coming under strain from the trade war with the US as profit growth decelerated for the fourth month in a row. Industrial profits grew by 9.2% to $75.57 billion last month, with the growth rate down from 16.2% a month earlier, according to data published Thursday by the National Bureau of Statistics (NBS).
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:
–Copper trading range for the day is 440.5-459.5.
–Copper dropped as risk aversion made investors covered their longs ahead of the National Day holiday.
–Persistent concerns over tit-for-tat trade tariffs between China and the United States are denting demand for risky assets.
–Premiums for metal on the physical market in China are at $117.50 a tonne, up nearly 40 percent since August.
Source: Commodityonline.com
