MCX Nickel under fresh buying; Resistance seen at 823.4
MCX Mentha Oil under fresh selling; Support seen at 1787.3
Zinc market under short covering; Support seen at 188.8
Copper market under short covering; Support seen at 436.6
Natural Gas likely to trade in a range between 266.7-328.9
Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 2.59% to settled at 3730.
Now MCX Aluminium is getting support at 138.5 and below same could see a test of 137.6 level, And resistance is now likely to be seen at 140, a move above could see prices testing 140.6.
Aluminium on MCX settled up 0.61% at 139.3 amid output cuts at primary aluminium producers and the start of winter production curbs across various regions. Prices received a further boost when the U.S. dollar weakened after Federal Reserve officials appeared to question the pace of interest rate rises and from strong U.S. manufacturing data.
A senior White House official told a written response sent by China to U.S. demands for trade reforms was unlikely to trigger a breakthrough at talks. Worries that rising tariffs could damage China’s economy have helped to push industrial metals prices sharply lower in recent months.
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Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.453 million mt as of Thursday November 15, down some 32,000 mt from a week ago, data showed.
Downstream buyers stockpiled as spot prices dipped on the week, and this depleted inventories. The week-on-week drop stood 8,000 mt lower from the decline last Thursday. 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.
China’s consumer prices increased at a steady pace in October, while producer price inflation slowed for the fourth consecutive month on weaker manufacturing activity, official data showed.
Trading Ideas:
–Aluminium trading range for the day is 137.6-140.6.
–Aluminium gained amid output cuts at primary aluminium producers and the start of winter production curbs across various regions.
–Prices received a further boost when the U.S. dollar weakened after Fed officials appeared to question the pace of interest rate rises.
–Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.453 million mt.
Courtesy: Kedia Commodities
Source: Commodityonline.com
