Mentha Oil market under fresh buying; Support seen at 1668.4
MCX Nickel expected to trade between 746.3-777.1 levels
MCX Zinc may trade in a range between 174.4-185.4
MCX Cotton under long liquidation
MCX Cardamom under fresh buying; Support seen at 1495.1
Technically market is getting support at 136.4 and below same could see a test of 135.5 levels and resistance is now likely to be seen at 137.8, a move above could see prices testing 138.3.
Aluminium on MCX settled up 0.48% at 137.30 as support seen after the news that greater capacity cuts across aluminium smelters for heating season provided some support while China’s economic growth is expected to hit 6.6 percent this year and slow to 6.3 percent in 2019 as the country struggles with challenges relating to trade and structural reform, economists from Beijing’s Renmin University said.
A G20 summit scheduled later this week in Argentina is expected to set a trade war turning point, when leaders from the two biggest economies meet to address trade tensions that have been increasingly hurting global growth.
The dollar held broad gains on Monday as investors sought shelter in the world’s most liquid currency on fears of a slowdown in global economic growth and as U.S.-Sino trade tensions sapped risk appetite.
A stronger dollar makes it more expensive to import greenback-commodities into countries using other currencies. Trade tensions between the United States and China are also at the forefront with U.S. President Donald Trump and Chinese President Xi Jinping due to meet at a G20 meeting in Buenos Aires on Nov. 30 to discuss contentious trade matters.
Now a day ahead economic data slated for release today include October’s annualised profits of China’s industrial enterprises above a designated size, the US FHFA house price index for September, and its conference board consumer confidence index for November.
Trading Ideas:
–Aluminium trading range for the day is 135.5-138.3.
–Aluminium recovered on short covering after prices dropped as dollar rose as investors sought shelter in safe haven currencies.
–China’s exports of aluminium raw ingredient alumina meanwhile soared in October to their highest since at least 2014 at 460,072 tonnes.
–U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit later in the week.
Courtesy: Kedia Commodities
Source: Commodityonline.com
