MCX Natural Gas may trade in a range between 231.1-247.1
MCX Aluminium may trade between 142.8-147.8 levels
Crude Oil market under fresh selling; Support seen at 4574
Silver market under short covering; Support seen at 38771
Gold market under short covering; Support seen at 31778
Technically Nickel market is getting support at 854.4 and below same could see a test of 841.7 level, And resistance is now likely to be seen at 876, a move above could see prices testing 884.9.
Nickel on MCX settled up 1.2% at 867 prices gained on short covering tracking LME Nickel rebounded from a 10-month low touched on Wednesday, ending 2.7 percent higher at $11,785 tonnes.
Nickel was the best performer among MCX, LME and SHFE base metals overnight. Miner and trader Glencore said it saw significant structural deficits continuing in the nickel market due to limited supply and demand being “much stronger than most market participants recognise”.
Support also seen as Miner and trader Glencore said it saw significant structural deficits continuing in the nickel market due to limited supply and demand being “much stronger than most market participants recognise.
Prices may see some sentimental support as market participants were also betting on economic stimulus measures in China after the world’s top metals consumer pledged to boost domestic infrastructure spending to combat a perceived slowdown in its economy.
Last night most LME and SHFE base metals ended in the black overnight with LME nickel being the best performer, up 2.5% on the day. LME copper and zinc surged 2.3%, lead jumped 1.75%, aluminium rose by over 1%.
The US dollar retreated from multi-month highs on Thursday while the pound rose the most in nine months on reports that London is close to a financial services deal with Brussels. The BOE announced it would keep interest rates unchanged on Thursday and this also bolstered the sterling, but the BOE also hinted at faster rate increases if Brexit goes smoothly.
Trading Ideas:
–Nickel trading range for the day is 841.7-884.9.
–Nickel ended with gains as expectations of eased US-China trade tension buoyed prices
–China’s manufacturing sector barely grew last month after stalling in September, after the country’s official PMI showed the slowest growth in over two years.
–Production of nickel pig iron in Jiangsu province is unlikely to be affected by provincial winter curbs this year as the restrictions mainly target blast furnaces.
Courtesy: Kedia Commodities
Source: Commodityonline.com
