MCX Aluminium under fresh selling; Support seen at 141.7
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 Nickel market is under fresh selling as market has witnessed gain in open interest by 9.91% to settled at 16625 while prices down 25.1 rupees.
Now MCX Nickel is getting support at 818 and below same could see a test of 806.5 level, And resistance is now likely to be seen at 847, a move above could see prices testing 864.5.
Nickel on MCX settled down 2.94% at 829.5 as pressure seen as China’s nickel output gained 21% from Sep as two producers recovered from maintenance in October. Nickel ore inventories across all Chinese ports grew 160,000 wmt from a week ago to stand at 14.65 million wmt as of Friday November 9, data showed.
In metal content, stocks gained 1,000 mt for the same period and stood at 123,000 mt. Stocks across seven major Chinese ports rose by 260,000 wmt to 10.73 million wmt. Henan province will impose winter production curbs on heavy industries across the province from November 15, 2018 to March 15, 2019, Henan Daily reported.
The curbs would target the steel, coke, foundry, building materials, nonferrous, pharmaceuticals and pesticides sectors. Without blanket cuts, steelmakers that can meet ultra-low emission standards across all the processes or that adopt the electric arc furnace (EAF) can be exempted from the curbs.
Some 13,200 mt of nickel was produced across China in October, standing 4.62% higher from a year ago. However, overall output in January-October was 8.63% lower on the year, at 119,200 mt.
In October, China’s nickel output surged 21.03% from September as two producers recovered from maintenance. November’s output to increase 7.08%, or 936 mt from October, to 14,200 mt as nickel producers will step up operation to meet their annual targets.
Trading Ideas:
–Nickel trading range for the day is 806.5-864.5.
–Nickel dropped as pressure seen as China’s nickel output gained 21% from Sep as two producers recovered from maintenance in October.
–Nickel ore inventories across all Chinese ports grew 160,000 wmt from a week ago to stand at 14.65 million wmt, data showed.
–Henan province will impose winter production curbs on heavy industries across the province from November 15, 2018 to March 15, 2019.
Courtesy: Kedia Commodities
Source: Commodityonline.com
