MCX Aluminium likely to move in a range of 148.1-155.7
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 Nickel market is under fresh buying as market has witnessed gain in open interest by 6.56% to settled at 7713 while prices up 0.5 rupees.
Now MCX Nickel is getting support at 902.9 and below same could see a test of 891.9 level, And resistance is now likely to be seen at 923.2, a move above could see prices testing 932.5.
Nickel settled flat pressured by a firmer dollar and the absence of Chinese participants due to a week-long holiday in China. Prices seen pressure following China’s decision to withdraw from planned trade talks with the US and the imposition of fresh tariffs between the two nations.
US President Donald Trump’s latest and biggest round of tariffs on Chinese goods to the tune of $200 billion came into effect today, with the duties starting at 10%. These are set to rise to 25% on January 1, 2019, unless the two nations can come to a trade agreement.
China responded in kind by imposing its own tariffs on $60 billion worth of US products. The market was decidedly bearish in response to the heighted trade tensions, with all of the base metals on the LME reversing the strong gains recorded at the end of last week.
The global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month, the International Nickel Study Group said. During the first seven months of the year, the deficit widened to 97,100 tonnes from 51,800 tonnes in the same period of 2017, the data showed.
The number of Americans filing for unemployment benefits increased more than expected last week likely as Hurricane Florence temporarily displaced some workers, but the underlying trend continued to point to a tightening labor market.
Trading Ideas:
–Nickel trading range for the day is 891.9-932.5.
–Nickel settled flat pressured by a firmer dollar and the absence of Chinese participants due to a week-long holiday in China.
–Prices seen pressure following China’s decision to withdraw from planned trade talks with the US and the imposition of fresh tariffs between the two nations.
–The global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month.
Courtesy: Kedia Commodities
Source: Commodityonline.com
