MCX Nickel may trade between 806.5-864.5 levels
MCX Aluminium under fresh selling; Support seen at 141.7
Zinc market under long liquidation; Support seen at 183.3
MCX Menthol Oil under short covering
Natural Gas market under fresh buying; Support seen at 262
Technically Copper market is under fresh selling as market has witnessed gain in open interest by 12.34% to settled at 15116 while prices down 7.8 rupees.
Now MCX Copper is getting support at 428 and below same could see a test of 424.6 levels and resistance is now likely to be seen at 436.5, a move above could see prices testing 441.6.
Copper on MCX settled down 1.78% at 431.25 as the U.S. dollar strengthened and on lingering concerns about the trade war between the U.S. and China. Concerns over global trade tensions also remained in focus amid doubts over the potential for a trade deal between the U.S. and China.
The U.S. Federal Reserve kept interest rates steady but reaffirmed its monetary tightening stance, setting the stage for a rate hike in December. The Fed held interest rates steady on Thursday but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment.
China’s imports of copper ores and concentrates fell 18.7 percent from last month to 1.57 million tonnes in October, but were up 14.5 percent from the same time last year.
The copper import data was part of a batch of China trade figures that showed much stronger-than-expected exports as shippers rushed goods to the United States to beat higher tariff rates due to kick in at the start of next year.
Import growth also defied forecasts for a slowdown, suggesting Beijing’s growth-boosting measures to support the cooling economy may be slowly starting to have an impact.
China Customs published China’s trade balance for October, reporting a bigger-than-expected trade surplus as imports shrank significantly. China’s trade balance for October came in at $34.01 billion, compared with the previous $31.70 billion.
Trading Ideas:
–Copper trading range for the day is 424.6-441.6.
–Copper prices fell as the U.S. dollar strengthened and on lingering concerns about the trade war between the U.S. and China.
–Concerns over global trade tensions also remained in focus amid doubts over the potential for a trade deal between the U.S. and China.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 3.6 percent from last Friday, the exchange said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
