MCX Nickel under fresh selling; Support seen at 808.9
MCX Aluminium under long liquidation; Resistance seen at 142.2
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
Technically Copper market is under long liquidation as market has witnessed drop in open interest by -0.19% to settled at 14461 while prices down 1.5 rupees.
Now MCX Copper is getting support at 425.2 and below same could see a test of 420.2 levels and resistance is now likely to be seen at 438.3, a move above could see prices testing 446.4.
Copper on MCX settled down 0.35% at 430.05 as slow growth in China’s social financing for October grew market pessimism. China’s top trade negotiator Liu He may visit Washington to prepare for the talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month.
Metals traders are arriving in Shanghai for the annual Asia Copper Week event, gathering in China at a time when the outlook for demand in the world’s biggest consumer of the commodity is clouded by the Sino-U.S. trade war.
Investors await series of data from China including industrial output and retail sales for further clues on the economic health of the world’s top metals consumer. China this year tightened thresholds on impurities in scrap metal imports and slapped a 25-percent tariff on scrap material from the United States, one of its top suppliers, in August.
China’s imports of unwrought copper and copper concentrate both fell by 18.7 percent month-on-month in October, albeit from bumper September volumes. The October copper concentrate import volume was the lowest in six months, potentially signalling a slowdown in China’s demand as miners prepare to negotiate with the nation’s copper smelters on treatment and refining charges (TC/RCs) for 2019 in Shanghai.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 3.6 percent from last Friday, the exchange said.
Trading Ideas:
–Copper trading range for the day is 420.2-446.4.
–Copper dropped as slow growth in China’s social financing for October grew market pessimism.
–China’s imports of unwrought copper and copper concentrate both fell by 18.7 percent month-on-month in October, albeit from bumper September volumes.
–Investors await series of data from China including industrial output and retail sales for further clues on the economic health.
Courtesy: Kedia Commodities
Source: Commodityonline.com
