Zinc market under fresh selling; Support seen at 179.8
Natural Gas market under short covering; Support seen at 299.8
MCX Crude Oil may trade in a range between 3436-3900
MCX Nickel under long liquidation; Resistance seen at 771.6
Long liquidation seen in MCX Aluminium; Support seen at 135.8
Technically Copper market is under fresh selling as market has witnessed gain in open interest by 1.84% to settled at 12897 while prices down 6.9 rupees.
Now Copper is getting support at 427.3 and below same could see a test of 424.6 levels and resistance is now likely to be seen at 434.1, a move above could see prices testing 438.2.
Copper on MCX settled down 1.58% at 429.85 as prices slid with festering Sino-U.S. trade tensions stoking worries over the outlook for global economic growth.
U.S.-China trade talks should be equal and mutually beneficial, Chinese Vice Commerce Minister Wang Shouwen said, adding he hoped the two countries could find ways to manage their differences through dialogue.
On Thursday, China rejected fresh U.S. accusations of perpetuating “unfair” trade practices. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit next week.
The global world refined copper market showed a 31,000 tonnes deficit in August, compared with an 84,000 tonnes deficit in July, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 8 months of the year, the market was in a 259,000 tonnes deficit compared with a 98,000 tonnes deficit in the same period a year earlier, the ICSG said.
World refined copper output in August was 1.96 million tonnes , while consumption was 1.99 million tonnes. Bonded stocks of copper in China showed a 64,000 tonnes deficit in August compared with a 96,000 tonnes deficit in July.
Arrivals of scrap copper last month fell to 170,000 tonnes from 200,000 tonnes in September and scrap aluminium imports fell to 90,000 tonnes from 100,000 tonnes in September.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.2 percent from last Friday, the exchange said.
Trading Ideas:
–Copper trading range for the day is 424.6-438.2.
–Copper prices slid with festering Sino-U.S. trade tensions stoking worries over the outlook for global economic growth.
–The global world refined copper market showed a 31,000 tonnes deficit in August, compared with an 84,000 tonnes deficit in July, the ICSG said.
–For the first 8 months of the year, the market was in a 259,000 tonnes deficit compared with a 98,000 tonnes deficit in the same period a year earlier, the ICSG said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
