MCX Aluminium under long liquidation; Support seen at 139.6
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 Nickel market is under long liquidation as market has witnessed drop in open interest by 5.21% to settled at 15994 while prices down 3.8 rupees.
Now MCX Nickel is getting support at 810.5 and below same could see a test of 805.8 level, And resistance is now likely to be seen at 819.1, a move above could see prices testing 823.
Nickel on MCX settled down 0.46% at 815.2 on worries about stainless steel and pressured by uncertainty about the global economy. Increasing nickel pig iron production and rising Shanghai nickel inventory also pointed to further nickel weakness in the short term.
Chinese Premier Li Keqiang said Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions.
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 fixed-asset investment grew by 5.7% in January-October from a year earlier, faster than the forecast increase of 5.5%. Industrial production, meanwhile, rose by 5.9% in October, accelerating slightly from the 5.8% year-on-year increase seen in September and beating expected growth of 5.7%.
The mixed data was enough, however, to reignite concerns over a slowing Chinese economy and stoke a degree of risk-off among participants in the base metals market this morning and keeping investors on the sidelines.
Trading Ideas:
–Nickel trading range for the day is 805.8-823.
–Nickel ended with losses on worries about stainless steel and pressured by uncertainty about the global economy.
–Increasing nickel pig iron production and rising Shanghai nickel inventory also pointed to further nickel weakness in the short term.
–The slower spending growth comes at a time of increasing uncertainty amid an ongoing trade war between China and the United States.
Courtesy: Kedia Commodities
Source: Commodityonline.com
