MCX Zinc may trade in a range between 196.6-203.2
Copper market under fresh selling; Support seen at 445.5
Natural Gas market under long liquidation; Support seen at 235.7
MCX Nickel likely to move in a range of 884.2-928
MCX Mentha Oil under fresh buying; Resistance seen at 1724.2
Technically MCX Aluminium market is getting support at 148.3 and below same could see a test of 147.6 level, And resistance is now likely to be seen at 149.4, a move above could see prices testing 149.8.
Aluminium on MCX settled down 0.13% at 148.85 tracking weakness from LME aluminium which dropped 0.2 percent to $2,018 a tonne, also in Shanghai, aluminium shed 1.2 percent to 14,130 yuan as the U.S. dollar strengthened after minutes from the Federal Reserve’s meeting last month showed more interest rate increases are likely for the rest of the year.
Prices may see some support as China’s primary aluminium production fell for a second straight month in September and slid to its lowest level since May, as weaker aluminium prices and higher input costs led smelters to cut back output.
The world’s top aluminium producer churned out 2.79 million tonnes of the metal last month, according to data from the National Bureau of Statistics released on Friday. That was down 1.8 percent from 2.84 million tonnes in August, but up 7.1 pct from a year ago.
On a daily basis, China produced around 93,000 tonnes of primary aluminium last month, according to data. September had one day fewer than August. LME base metals ended in negative territory across the board on Thursday.
Lead led the decreases with a loss of 1.7%. Copper dropped 1.4%, aluminium slid 0.77%, tin and nickel lost some 0.5% and zinc edged down 0.04%. Chinese GDP grew 6.5% year on year in the third quarter of 2018. While the US would release its existing home sales numbers for September.
Trading Ideas:
–Aluminium trading range for the day is 147.6-149.8.
–Aluminium dropped as winter smog-control plan issued by Henan province suggested that the aluminium industry would be largely exempt from curbs this year.
–Aluminium stocks held at three major Japanese ports fell 1.7 percent to 318,200 tonnes by September-end from the previous month.
–Air pollution efforts in the Beijing-Tianjin-Hebei region remained an uphill battle as poor weather conditions, began.
Courtesy: Kedia Commodities
Source: Commodityonline.com
