MCX Zinc expected to trade in a range between 181.2-193.2
MCX Copper likely to trade in a range between 425.8-453.6
MCX Natural Gas likely to trade between 293.9-343.1 range
MCX Crude Oil may trade in range between 3641-4225.
MCX Aluminium likely to move in a range of 136.8-140
Technically MCX Nickel market is getting support at 780.6 and below same could see a test of 773.2 level, And resistance is now likely to be seen at 801.2, a move above could see prices testing 814.4.
Nickel on MCX settled down 1.05% at 787.90 dropped on long liquidation tracking weakness from LME Nickel prices which fell 0.8 per cent to end at $US11,095 a tonne, the lowest since December 14 last year as tensions between the United States and China escalated ahead of a major meeting between the two presidents next week.
The United States administration on Tuesday said China has failed to alter its “unfair” practices, adding to tensions ahead of a high-stakes meeting later this month between U.S. President Donald Trump and Chinese President Xi Jinping.
Sentiments turned bearish after the news that Norilsk Nickel plans to expand nickel production to meet growing EV demand. Russian copper and nickel producer Norilsk Nickel unveiled plans to expand its nickel and copper production by 15% over seven years in a presentation to investors in London on Monday November 19.
The expansion program, with a base investment of $6.5-7.5 billion, is expected to be approved in early 2019. Norilsk Nickel forecasts its production of class-1 battery-grade nickel grow by 50% by 2025. The Russian producer forecasts growth in nickel and copper production of up to 15% after 2025 and up to 25% for platinum and palladium.
Primary nickel supply will come mainly from two mines in the Norilsk region, Talnakh and South Cluster, that are yet to be fully developed. Now a day ahead the US will release its weekly jobless claims, durable goods orders and existing home sales for October, University of Michigan consumer sentiment index for November, as well as weekly oil inventory data from the EIA today.
Trading Ideas:
–Nickel trading range for the day is 773.2-814.4.
–Nickel dropped as US dollar rallied as a sell-off in global stock markets spurred safe-haven bids and investors grew concerned about slowing global growth.
–A Brazilian court has ordered Vale SA, to stop its mining iron or nickel at its Onça Puma unit and pay damages to two indigenous tribes in the area.
–Nickel output in the Philippines, is expected to increase after the country’s environment ministry said nine suspended mines will be allowed to resume operations.
Courtesy: Kedia Commodities
Source: Commodityonline.com
