MCX Nickel may trade between 806.5-864.5 levels
Zinc market under long liquidation; Support seen at 183.3
Copper market under fresh selling; Support seen at 428
MCX Menthol Oil under short covering
Natural Gas market under fresh buying; Support seen at 262
Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 4.8% to settled at 3883 while prices down 1.9 rupees.
Now MCX Aluminium is getting support at 141.7 and below same could see a test of 140.7 level, And resistance is now likely to be seen at 144.4, a move above could see prices testing 146.1.
Aluminium on MCX settled down 1.31% at 142.65 on profit booking after prices gained with a federal court in Brazil upholding the partial shutdown of the world’s largest alumina refinery, run by Norsk Hydro.
China’s aluminium exports fell in October as sliding domestic production meant less metal was available for overseas markets. China produced 3.114 million mt of primary aluminium in October, from 3 million mt in September.
While losses forced many primary aluminium producers to cut output this year, with close to 1.35 million mt of capacity cut thus far this year, new capacity came onstream. More than 2 million mt of new capacity is likely to come online across 18 producers this year.
The U.S. Commerce Department said it would impose final duties on Chinese common alloy aluminium sheet products. Top alumina refinery Alunorte in Brazil, run by Norsk Hydro, will remain on half capacity for environmental violations following a federal court ruling.
China’s unwrought aluminium and aluminium product exports came in at 482,000 tonnes last month, the General Administration of Customs said on Thursday, down 3.6 percent from a revised figure of 500,000 tonnes in September but still up 37.7 percent from October 2017.
The U.S. Commerce Department said it would impose final duties on Chinese common alloy aluminium sheet products. Top alumina refinery Alunorte in Brazil, run by Norsk Hydro, will remain on half capacity for environmental violations following a Wednesday federal court ruling.
Trading Ideas:
–Aluminium trading range for the day is 140.7-146.1.
–Aluminium dropped on profit booking after prices gained with a federal court in Brazil upholding the partial shutdown of refinery, run by Norsk Hydro.
–Supplies of aluminium ingot in China are likely to expand in the fourth quarter of 2018 as demand is expected to continue to be sluggish.
–China’s aluminium exports fell in October as sliding domestic production meant less metal was available for overseas markets.
Courtesy: Kedia Commodities
Source: Commodityonline.com
