MCX Crude Oil may trade between 5319-5643 levels
MCX Natural Gas likely to move in a range of 237.4-252.6
MCX Zinc under long liquidation
MCX Nickel likely to move in a range of 928.6-968.2
MCX Aluminium may trade between 150-154.4 levels
Technically Copper market is getting support at 456.4 and below same could see a test of 454.1 level, And resistance is now likely to be seen at 462.7, a move above could see prices testing 466.7.
Copper on MCX settled down 0.97% at 458.70 fell sharply tracking weakness from Shanghai and London market a broad sell-off on equity markets as a gloomy macro-economic outlook raised concerns over demand growth.
Pressure also seen after the news that BHP, expects a plant at its Olympic Dam mine to restart this month following repairs and the company has found a way to deliver returns from the asset as part of a focus on maximising productivity.
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%. From data point US producer prices increased 0.2% in September, reversing an unexpected decline of 0.1% in August and in line with expectations.
A rise in services prices offset a slight drop in prices for goods. In the 12 months through September, the producer price index rose 2.6%, slightly less than the expected 2.7%. The slight decline in goods prices was the first since May, 2017, led by a 0.8% drop in energy prices and a 0.6% drop in food.
Trading Ideas:
–Copper trading range for the day is 454.1-466.7.
–Copper eased after climbing almost 2 percent in previous session on tightening world supplies.
–China’s export growth is expected to have further slowed in September, weighed down by a faster decline in orders.
–China’s September export growth likely slowed to 8.9 percent from a year earlier from August’s 9.8 percent gain.
Courtesy: Kedia Commodities
Source: Commodityonline.com
