MCX Copper may trade in a range between 437.9-455.3
Natural Gas market under fresh buying; Support seen at 246.4
MCX Cotton under fresh selling; Resistance seen at 22430
MCX Cardamom under fresh buying; Support seen 1415.2
NCDEX Jeera likely to move in a range of 20740-21780
Technically Zinc market is under long liquidation as market has witnessed drop in open interest by 3.95% to settled at 3357 while prices down 1.85 rupees.
Now MCX Zinc is getting support at 185 and below same could see a test of 183.1 levels and resistance is now likely to be seen at 189, a move above could see prices testing 191.1.
Zinc on MCX settled down -0.98% at 186.80 tracking weakness from LME zinc eased 0.7 percent to $2,521 as cautious sentiment in the market kept LME zinc around $2,530/mt with the lowest overnight at $2,497.5/mt.
It is likely to trade at $2,500-2,550/mt today with limited downward room. Industrial metals had rallied on Friday on hopes of a trade deal between the two countries, but uncertainty emerged following comments from a senior White House economic adviser.
China will lower import tariffs and continue to broaden market access, President Xi Jinping pledged on Monday, raising his estimate for the country’s imports in the coming years at the opening of a symbolic week-long trade expo in Shanghai.
Last night the US dollar lost ground against most of major currencies on Monday, as growing expectations of an orderly Brexit bolstered the pound, euro and global investor sentiment. The dollar closed at 96.32.
This was ahead of the US midterm elections on November 6 that many analysts say will set the trend for the greenback, and all of the global currency market. LME base metals fell across the board while SHFE contracts closed mixed.
LME lead led the losses and settled 3.64% lower, copper lost 1.95%, nickel fell 1.63%, zinc dipped 0.99%, aluminium slid 0.63%. Pressure seen as China’s Caixin services PMI fell to 50.8 in October from 53.1 in September, the lowest since September 2017, and edged closer to the 50 line that separates growth from contraction.
Trading Ideas:
–Zinc trading range for the day is 183.1-191.1.
–Zinc dropped following comments by the U.S. president that the United States may be approaching a trade deal with China.
–New Century Resources has loaded its first zinc concentrate from the Queensland-based Century zinc restart onto the shipping vessel, which would arrive in China.
–Despite growing concentrate supplies, domestic smelting capacity did not expand significantly this year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
