MCX Zinc likely to trade in a range between 192.5-203.5
MCX Nickel may trade between 896.3-982.1 levels
MCX Aluminium under fresh buying; Support seen at 157.7
MCX Mentha Oil likely to trade in a range of 1639.2-1677.6
Short covering seen in MCX Cotton
Technically now Copper is getting support at 458.5 and below same could see a test of 452.1 levels and resistance is now likely to be seen at 468.4, a move above could see prices testing 471.9.
Copper on MCX settled up 2.14% at 464.7 supported by improved global trade sentiment due to the newly developed United States-Mexico-Canada Agreement in North America.
Meanwhile, London Metal Exchange on-warrant copper stocks across Asian warehouses plunged this week on a reported inflow of the red metal into China after the import arbitrage hit the highest in years.
Lower cathode availability has also boosted premiums in Taiwan and South Korea slightly. China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said.
The U.S.-led trade war against China spurred concern that the latest occurring will derail stable economic growth in the world’s two leading economies. Copper production in Democratic Republic of Congo, Africa’s top producer, is expected to rise 11.6 percent to 1.2 million tonnes by end-2018.
The European Commission has imposed anti-dumping duties ranging from 12.3-35.8% on imports of seamless steel pipes and tubes from Russia and Ukraine following an expiry review, the commission said. Domestic transaction prices for hot-rolled coil across Europe are expected to decline in the fourth quarter of this year.
The Chinese government’s measures to control pollution during the winter and supply disruptions in the seaborne coking coal market are expected to underpin prices for the steelmaking raw material in the fourth quarter. The sustained slump in currencies combined with an influx of slab in the aftermath of recent trade measures have dragged slab import prices down in Southeast Asia and East Asia.
Trading Ideas:
–Copper trading range for the day is 452.1-471.9.
–Copper gained supported by improved global trade sentiment due to the newly developed United States-Mexico-Canada Agreement in North America.
–China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said.
–Copper production in Democratic Republic of Congo, Africa’s top producer, is expected to rise 11.6 percent to 1.2 million tonnes by end-2018.
Courtesy: Kedia Commodities
Source: Commodityonline.com
