MCX Copper likely to trade in a range between 421-435.8
MCX Natural Gas may trade in a range between 305.3-336.3
MCX Nickel under short covering; Resistance seen at 771.4
MCX Aluminium likely to move in a range of 134-136.4
MCX Mentha Oil under long liquidation
Technically market is getting support at 177.4 and below same could see a test of 175.9 levels and resistance is now likely to be seen at 180.2, a move above could see prices testing 181.5.
Zinc on MCX settled down -0.89% at 178.70 as pressure seen on Rupee firmness while LME three-month zinc gained 0.7 per cent to finish at $US2,470 a tonne as support will be seen on tight availability for nearby supplies of zinc were also boosting those markets, evidenced in spreads.
The premium of cash zinc over three-month zinc has gained to $US93 a tonne from $US56.50 since November 13. Also LME inventories of zinc hit a fresh low since February 2008, having halved since mid-August.
Investors bought riskier assets on speculation US interest rates may be near a peak, but trade was thin ahead of Chinese economic data and the G20 summit. Most metals closed higher on Wednesday after the chairman of the US Federal Reserve suggested the central bank could be nearing an end to its three-year rate tightening cycle, giving a boost to global share markets.
Related Post
Many investors were on the sidelines, however, ahead of trade talks between US President Donald Trump and Chinese President Xi Jinping on Saturday during the G20 summit in Argentina. the G20 summit in Buenos Aires on Friday and Saturday, the US President Donald Trump and China President Xi Jinping are scheduled to discuss trade issues after months of tension between the world’s two biggest economies.
Now a day ahead economic data slated for release today include China’s official manufacturing PMI, Germany’s retail sales for October, and the eurozone’s consumer price index (CPI) for November. The G20 summit begins today in Argentina.
Trading Ideas:
–Zinc trading range for the day is 175.9-181.5.
–Zinc prices remained under pressure as traders anticipated an increase in supply and weakening demand from steelmakers.
–The cash zinc premium over three-month metal, at $93, had returned to near 10-year highs after easing earlier in the week, suggesting shortages of metal.
–Speculative investors were beginning to ramp up bets on lower prices, with their net short expanding to 3 percent of open contracts.
Courtesy: Kedia Commodities
Source: Commodityonline.com
