MCX Nickel under fresh selling; Support seen at 808.9
MCX Mentha Oil under short covering; Support seen at 1799
MCX Cotton under long liquidation
MCX Cardamom under fresh buying; Resistance seen at 1464.2
MCX Natural Gas expected to trade in a range between 271.4-304.8
Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 7.11% to settled at 3473 while prices down 1.45 rupees.
Now MCX Aluminium is getting support at 139.4 and below same could see a test of 138.3 level, And resistance is now likely to be seen at 142.2, a move above could see prices testing 143.9.
Aluminium on MCX settled down 1.02% at 140.45 as investors await series of data from China including industrial output and retail sales for further clues on the economic health. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.466 million mt, down some 19,000 mt, data showed.
China exported 482,000 mt of unwrought aluminium and aluminium products in October, down some 25,000 mt from September, showed China Customs data. This marked the third consecutive month of decline.
Foreign orders for aluminium rolled products dipped as the SHFE/LME aluminium price ratio rebounded from August, and this accounted for the declines in exports. Despite month-on-month drops, the exports remained at relatively high levels. On a yearly basis, the exports grew 37.7% in October.
This raised overall exports in January-October by 18.2% from last year, to 4.74 million mt. China’s consumer price index (CPI), a main gauge of inflation, rose 2.5% year on year in October, unchanged from September, data showed.
For the first 10 months, CPI gained 2.1% from one year earlier, well below the government’s target of 3% for 2018, according to data released by the National Bureau of Statistics (NBS). The Commerce Department on Friday said wholesale inventories rose 0.4 percent in September, slightly faster than its initial estimate of a 0.3 percent increase.
Inventories rose 5.2 percent year-over-year as of September. Inventories other than autos, a measure that goes into the calculation of gross domestic product growth, rose 0.2 percent in September.
Trading Ideas:
–Aluminium trading range for the day is 138.3-143.9.
–Aluminium dropped as investors await series of data from China including industrial output and retail sales for further clues on the economic health.
–Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.466 million mt.
–China exported 482,000 mt of unwrought aluminium and aluminium products in October, down some 25,000 mt from September, showed China Customs data.
Courtesy: Kedia Commodities
Source: Commodityonline.com
