MCX Crude Oil may trade between 5319-5643 levels
MCX Natural Gas likely to move in a range of 237.4-252.6
MCX Copper likely to move in a range of 454.1-466.7
MCX Zinc under long liquidation
MCX Nickel likely to move in a range of 928.6-968.2
Technically Aluminium market is getting support at 150.9 and below same could see a test of 150 level, And resistance is now likely to be seen at 153.1, a move above could see prices testing 154.4.
Aluminium on MCX settled down 0.72% at 151.80 amid indications from the International Monetary Fund that ongoing trade tensions may stunt global economic growth. Global Aluminium prices fell and closed near its session lows overnight as its LME counterpart weakened and as the market had priced in the China’s fiscal stimulus including cuts in banks’ reserve requirement ratio and increases in export tax rebates.
SHFE aluminium is likely to remain weak into near term given waning alumina support and sluggish aluiminum consumption. Also a relatively firm dollar, Hydro’s Alunorte alumina refinery to resume its half capacity and dips in alumina prices overseas accounted for the recent weakness in LME aluminium.
Last night the euro and pound rose underpinned by optimism for a Brexit deal, while the dollar lost ground against a basket of currencies even as US bond yields hovered at multiyear peaks. The euro’s gains were limited by worries about the sustainability of Italy’s public finances, though Italian Economy Minister Giovanni Tria reiterated on Wednesday that the government would do everything in its power to regain the confidence of financial markets.
While on LME base metals, all metals fell across the board on Wednesday. Zinc and nickel dropped over 2%, copper and lead lost over 1%, aluminium declined close to 1%. Now day ahead some data to monitor today include China’s total social financing (TSF) and M2 money supply in September, US consumer inflation in September, weekly jobless claims and crude inventories.
Trading Ideas:
–Aluminium trading range for the day is 150-154.4.
–Aluminium dropped the market had priced in the China’s fiscal stimulus including cuts in banks’ reserve requirement ratio and increases in export tax rebates.
–Norsk Hydro said its Alunorte alumina refinery in Brazil has agreed with a Brazilian environmental agency to resume production under its supervision.
–Norsk Hydro said that it had been granted a permit in Brazil to use new technology to extend the life of a disposal area for its refinery.
Courtesy: Kedia Commodities
Source: Commodityonline.com
