MCX Aluminium under fresh buying; Support seen at 137.9
MCX Mentha Oil under fresh selling; Support seen at 1578.1
NCDEX Chana under fresh selling; Resistance seen at 4727
MCX Cotton under short covering
NCDEX Jeera may trade between 18875-19115 levels
Technically MCX Zinc market is under fresh buying as market has witnessed gain in open interest by 5.79% to settled at 14188 while prices up 15 rupees.
Now MCX Nickel is getting support at 783.6 and below same could see a test of 777.3 level, And resistance is now likely to be seen at 797.6, a move above could see prices testing 805.3.
Nickel on MCX settled up 1.94% at 789.80 on fresh buying as Trade war relief for metals seen but bull-bear battle rages still on. The Chinese version of this weekend’s meeting, however, was curiously silent on the 90-day hiatus.
Other than noting that “the two sides decided to avoid escalation of trade restrictive measures”, official Chinese news agency Xinhua did not go into many details at all. This narrative gap leaves markets both uncertain about whether the truce can hold and beholden to news flow from the planned U.S.-China consultations.
Related Post
Discretionary money is unlikely to recommit to industrial metals on the long side until the smoke signals become clearer. This week metals traders will be monitoring trade developments after the U.S. and China agreed to a ceasefire in their trade war, while awaiting fresh indications on the direction of U.S. monetary and an update on the health of the U.S. labor market.
The US agreed not to increase the 10% tariffs on $200 billion worth of Chinese imports on Jan. 1 following talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping over the weekend.
The U.S. non-farm payrolls report for November, scheduled to be published on Friday, is expected to show that jobs growth slowed while wage growth picked up slightly. An uptick in wage growth would help underline expectations for a December rate hike.
Trading Ideas:
–Nickel trading range for the day is 777.3-805.3.
–Nickel rallied after the United States and China agreed to a ceasefire in a trade dispute that has shaken markets and weighed on metals prices.
–China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating.
–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.
Courtesy: Kedia Commodities
Source: Commodityonline.com
