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
Natural Gas market under long liquidation
Technically Aluminium market is under short covering as market has witnessed drop in open interest by 2.09% to settled at 2768 while prices up 0.2 rupees.
Now MCX Aluminium is getting support at 149.4 and below same could see a test of 148.6 level, And resistance is now likely to be seen at 151.3, a move above could see prices testing 152.4.
Aluminium on MCX settled up 0.13% at 150 as speculators and consumers regarded the lower prices as good value against a background of recovering share markets. China’s aluminium exports fell slightly in September from the previous month as a narrowing price arbitrage to international markets reduced the incentive to ship metal overseas.
China’s unwrought aluminium and aluminium product exports were 507,000 tonnes last month, the General Administration of Customs said, up 37 percent from 370,000 tonnes in September 2017.
That was down 0.6 percent from 510,000 tonnes in August, the data showed. The August figure was revised lower though it remains the second-highest on record and now matches the import numbers for July and June.
Chinese aluminium exports are expected to surge further in coming months after Beijing boosted tax rebates for exports of semi-fabricated aluminium, or semis, to 16 percent from 13 percent with effect from Nov. 1.
Primary aluminium inventories across major Chinese consumption areas grew in the first week after the National Day break as shipments delivered during the break arrived at warehouses.
As of Thursday October 11, stocks across eight consumption areas, including SHFE warrants, came in at 1.613 million mt, up some 23,000 mt from Thursday September 27 and 9,000 mt from Monday October 8. US consumer prices rose less than expected in September, held back by a slower increase in rent and falling energy prices, as underlying inflation pressures appeared to cool.
Trading Ideas:
–Aluminium trading range for the day is 148.6-152.4.
–Aluminium rebounded as speculators and consumers regarded the lower prices as good value against a background of recovering share markets.
–China’s aluminium exports fell slightly in September from the previous month.
–China’s unwrought aluminium and aluminium product exports were 507,000 tonnes last month, the General Administration of Customs said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
