MCX Aluminium likely to move in a range of 145-149.2
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 Nickel market is getting support at 902.2 and below same could see a test of 897.9 level, And resistance is now likely to be seen at 913.8, a move above could see prices testing 921.1.
Nickel on MCX settled down 1.08% at 906.60 as a strong US dollar index and broadly risk-averse investors. With pressure at $12,500/mt, LME nickel weakened to the $12,400/mt level again and closed the trading day at $12,395/mt after recovering some earlier losses.
The SHFE 1901 contract fell to the 102,800 yuan/mt level and ended at 102,930 yuan/mt overnight after rising past the 10-day moving average. Shandong Xinhai, a large nickel pig iron (NPI) producer in east China plans to commission new capacity at the end of this month, earlier than the previously scheduled end of December.
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%.
From Eurozone consumer sentiment rose slightly in October against expectations of a decline, according to figures released on Tuesday. The European Commission said that a flash estimate showed eurozone consumer morale increased to -2.7 points in October from -2.9 points in September.
Producer prices in Germany rose the fastest pace in a year in September, figures from Destatis showed on Tuesday. Producer prices grew 3.2% year on year in September, after rising 3.1% in the previous month.
The inflation rate was the highest since September 2017, when prices advanced 3.2%. On a month-on-month basis, producer prices climbed 0.5% after a they gained 0.3% in August. The US will also release Federal Housing Finance Agency (FHFA) house prices for August and EIA weekly crude oil inventory data.
Trading Ideas:
–Nickel trading range for the day is 897.9-921.1.
–Nickel dropped as producer in east China plans to commission new capacity at the end of this month.
–The bulk of nickel moving out of London Metal Exchange-approved warehouses in Asia is showing up in hidden facilities in Europe.
–LME nickel stocks have shrunk by about 40 percent this year, largely from warehouses in Malaysia, Taiwan and Singapore, but much of that metal is not being consumed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
