MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
MCX Cardamom likely to move in a range of 1357.6-1368
NCDEX Jeera under fresh buying; Resistance seen at 20113
Technically Silver market is under fresh buying as market has witnessed gain in open interest by 0.51% to settled at 22946 while prices up 29 rupees.
Now MCX Silver is getting support at 38755 and below same could see a test of 38593 levels and resistance is now likely to be seen at 39084, a move above could see prices testing 39251.
Silver prices settled flat as the greenback recovered from a two-week low as inflation pressures eased. Cooling inflation data and rate hike expectations lead to a rise in the greenback. Data showed that consumer prices rose less than expected in September, but still pointed to a steady increase in inflation, keeping pressure on the Federal Reserve to stick to its plan for gradual interest rate hikes.
Rising interest rates are remained a concern for gold prices. Interest rate increases and higher U.S. bond yields dampen appeal for bullion, while boosting the dollar. The precious metal usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar.
Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls. Hedge funds and money managers increased their net short position in silver contracts in the week, the U.S. Commodity Futures Trading Commission said.
In silver, net short positions increased by 3,948 to 40,265 in the week. China’s vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.
Last month’s strong export growth – which might indicate U.S. tariffs are not biting much yet – is unlikely to be sustained.
Trading Ideas:
–Silver trading range for the day is 38593-39251.
–Silver prices settled flat as the greenback recovered from a two-week low as inflation pressures eased.
–Data showed that consumer prices rose less than expected in September, but still pointed to a steady increase in inflation.
–China’s vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States.
Courtesy: Kedia Commodities
Source: Commodityonline.com
