MCX Nickel under fresh buying; Resistance seen at 923.2
MCX Menthol Oil under long liquidation; Support seen at 1660.6
Natural Gas market under fresh buying; Support seen at 222.2
MCX Cotton market under short covering
Crude Oil market under fresh buying; Support seen at 5380
Technically now Aluminium is getting support at 150.6 and below same could see a test of 148.1 level, And resistance is now likely to be seen at 154.4, a move above could see prices testing 155.7.
Aluminium on MCX settled up 2.48% at 153.1 as weakness in Rupee kept supporting prices despite growth in China’s manufacturing sector slowed in September, raising concerns over demand in the world’s biggest industrial metals consumer.
Unionised workers at aluminium producer Alcoa’s Western Australian operations agreed to end a strike that lasted more than six weeks after securing better job security provisions in a new wage agreement.
Premiums for Japanese aluminium shipments for October to December were set at $103 per tonne, down 22 percent from the previous quarter, on lower spot premiums in Asia amid ample supply. The new premium compares with the $132 per tonne premium in the July to September quarter and follows three quarters of rising premiums.
Japan is Asia’s biggest importer of aluminium and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.
China’s aluminium processing industry returned into expansion territory in September, bolstered by improvement in primary alloy, secondary alloy, foil, plate/sheet and strip, construction extrusions sectors.
The purchasing managers’ index (PMI) across seven sectors in China’s aluminium processing industry, rebounded to 51.1 in September from 49.6 in August. A production sub-index, viewed as a proxy for operating rates, increased to 51.4 in September from 50.5 in August, while a new orders sub-index fell to 47.7 from 49.5. New export orders saw growth this month, with the sub-index climbing to 51.4 from 37 a month ago.
Trading Ideas:
–Aluminium trading range for the day is 148.1-155.7.
–Aluminium settled up as weakness in Rupee kept supporting prices despite growth in China’s manufacturing sector slowed in September.
–Premiums for Japanese aluminium shipments for October to December were set at $103 per tonne, down 22 percent from the previous quarter.
–Unionised workers at aluminium producer Alcoa’s Western Australian operations agreed to end a strike that lasted more than six weeks.
Courtesy: Kedia Commodities
Source: Commodityonline.com
