MCX Mentha Oil likely to trade in a range of 1672.1-1715.7
MCX Aluminium may trade between 134.3-137.3 levels
MCX Zinc likely to move in a range of 172.2-185
MCX Copper likely to move in a range of 421.1-442.5
MCX Natural Gas may trade between 289.7-333.5 levels
Technically Nickel market is getting support at 753.2 and below same could see a test of 747.3 level, And resistance is now likely to be seen at 765.8, a move above could see prices testing 772.5.
Nickel on MCX settled up 0.26% at 759.10 tracking firmness from LME nickel prices which was up by 0.2 percent at $10,800 while concerns are still prevailing in the market abbot U.S. President Donald Trump and Chinese leader Xi Jinping are due to meet for trade talks when they attend this weekend’s G20 summit.
Trump’s economic adviser said the U.S. President was open to reaching a deal but is ready to increase tariffs if there is no breakthrough. China’s ambassador to Washington said Beijing hoped for a deal and warned of dire consequences if U.S. hardliners tried to separate the world’s two largest economies.
Fears that tariffs will damage growth in China, the world’s biggest metals consumer, have helped to push industrial metals prices sharply lower. Last night the US dollar dipped from two-week highs after Federal Reserve Chairman Jerome Powell described US interest rates as “just below” the neutral rate.
Investors were also focused on the G20 summit in Buenos Aires on Friday and Saturday, where Trump and China President Xi Jinping are scheduled to discuss trade issues. Base metals rallied across the board, with LME copper leading the gains and surging 2.3%.
LME zinc jumped 1.94%, lead grew 1.18%, nickel rose 1.16%, tin went up 0.85%, and aluminium nudged up.
While US economic growth slowed in the third quarter as previously reported, but the pace was likely strong enough to keep growth on track to reach the Trump administration’s target of 3% this year. Also GDP increased at an annualised rate of 3.5% in the third quarter, the Commerce Department said on Wednesday.
Trading Ideas:
–Nickel trading range for the day is 747.3-772.5.
–Nickel gains as the US dollar dipped from two-week highs after the US Federal Reserve described interest rates as “just below” the neutral rate.
–Nickel ore output in the Philippines, fell 1 percent in the first nine months of 2018 from a year earlier to 22.2 million dry metric tonnes
–Eleven of the Philippines’ 29 nickel mines had no output during the period due to suspended operations or because they were under maintenance status
Courtesy: Kedia Commodities
Source: Commodityonline.com
