MCX Nickel under long liquidation; Resistance seen at 819.1
MCX Mentha Oil under fresh selling; Support seen at 1785.3
MCX Crude Oil expected to trade in a range between 3890-4244
Silver market under short covering; Support seen at 36172
MCX Gold expected to trade in a range between 30517-30999
Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 3.08% to settled at 3366 while prices down 0.25 rupees,
Now MCX Aluminium is getting support at 139.6 and below same could see a test of 139 level, And resistance is now likely to be seen at 140.8, a move above could see prices testing 141.4.
Aluminium on MCX settled down 0.18% at 140.2 with the release of lackluster Chinese data failing to offset the downward pressure being exerted by a strong dollar. Data released showed retail sales in China rose by 8.6% in October from a year ago, slowing from the 9.2% year-on-year gain recorded in September, according to the country’s National Bureau of Statistics.
The slower spending growth comes at a time of increasing uncertainty amid an ongoing trade war between China and the United States. But growth in fixed-asset investment and industrial production in China both accelerated last month, indicating that while the Chinese economy may be slowing, it is not buckling from the weight of the uncertainty surrounding the trade war.
China’s primary aluminium output fell for a third straight month in October, according to official data, as low aluminium prices prompted smelters to cut production even before government-mandated winter restrictions kick in.
The world’s top aluminium maker produced 2.72 million tonnes of the metal last month, according to data from the National Bureau of Statistics. That was down 2.5 percent from 2.79 million tonnes in September, although up 6.8 percent from the same month a year ago.
On a daily basis, China produced around 88,000 tonnes of aluminium last month, versus 93,000 tonnes in September, according to calculations. September had one day fewer than October. China has opted not to enforce a repeat of blanket 30 percent output curbs on aluminium and alumina output in 28 northern cities this winter.
Trading Ideas:
–Aluminium trading range for the day is 139-141.4.
–Aluminium dropped with the release of lackluster Chinese data failing to offset the downward pressure being exerted by a strong dollar.
–China’s primary aluminium output fell for a third straight month in October, according to official data.
–Aluminium stocks held at three major Japanese ports fell 0.3 percent to 317,300 tonnes by October-end from the previous month.
Courtesy: Kedia Commodities
Source: Commodityonline.com
