MCX Nickel may trade between 897.9-921.1 levels
MCX Mentha Oil market under short covering
MCX Copper may trade in a range between 443.5-457.1
Natural Gas market under short covering; Support seen at 230.3
Crude Oil expected to trade between 4673-5235 levels
Technically Aluminium market is getting support at 145.8 and below same could see a test of 145 level, And resistance is now likely to be seen at 147.9, a move above could see prices testing 149.2.
Aluminium on MCX settled down 0.81% at 146.60 tracking weakness from LME Aluminium prices which fell 0.3 percent to $2,001 a tonne as on concerns of slowing demand in China and as geopolitical tensions escalated over the killing of a prominent Saudi journalist.
While prices are likely to stay in range as support could be seen after the report that Global primary aluminum output fell to 5.301 million tonnes in September from a revised 5.485 million tonnes in August, data from the International Aluminium Institute showed on Monday.
Also China’s alumina exports in September registered a more than fivefold increase from August to 165,839 tonnes, customs data showed on Tuesday. Producers of the main ingredient of aluminium have been shipping more cargoes overseas this year to cash in on favourable arbitrage between domestic and international prices amid tighter global supplies.
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Investors were unconvinced by pledges from Chinese officials of an expansion of targeted measures to ease company financing problems after China’s third-quarter growth slowed to its weakest since the global financial crisis.
Both LME and SHFE base metals ended in mixed performance overnight. LME zinc rose by 0.4%, lead edged up 0.1% while aluminium lost 0.35%, nickel slid 0.5% and copper fell 0.7%. SHFE zinc jumped 1.2%, aluminium increased 0.53% and lead gained 0.25% while copper and nickel slipped over 0.4%.
Now a day ahead Economic data slated for release today include Markit’s October manufacturing PMI for Germany, the eurozone and the US. The US will also release Federal Housing Finance Agency (FHFA) house prices for August and EIA weekly crude oil inventory data.
Trading Ideas:
–Aluminium trading range for the day is 145-149.2.
–Aluminium dropped on profit booking after prices seen supported by maintenance at some large primary aluminium producers and the looming winter production curbs.
–Global primary aluminium output fell to 5.301 million tonnes in September from revised 5.485 million tonnes in August, data from the IAI showed.
–China’s exports of alumina surged more than fivefold from August to 165,830 tonnes, according to customs data released, the highest monthly volume so far in a year
Courtesy: Kedia Commodities
Source: Commodityonline.com
