MCX Copper may trade between 429.7-449.7 levels
MCX Nickel likely to move in a range of 764.8-796.6
MCX Aluminium under short covering
MCX Mentha Oil under long liquidation
Natural Gas market under fresh buying; Support seen at 323.4
Technically Zinc market is under fresh buying as market has witnessed gain in open interest by 15.98% to settled at 2954 while prices up 1.7 rupees.
Now MCX Zinc is getting support at 186.8 and below same could see a test of 183.9 level, And resistance is now likely to be seen at 191.9, a move above could see prices testing 194.1.
Zinc on MCX settled up 0.9% at 189.7 amid fresh buying as support seen after weakness in Rupee, earlier in the day prices seen pressure as Sino-U.S. trade tensions continued to weigh. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for November ticked up to 50.2 from 50.1 in October.
The sub-index for new export orders shrank to 47.7 in November from 48.8 in October. Zinc stocks across LME-registered warehouses have increased for three consecutive days, and this prompted longs to be cautious in building positions.
Stocks of zinc in LME registered warehouses at 113,875 tonnes have halved since the middle of August to their lowest in more than 10 years. That combined with a large position holding between 80 and 89 percent of warrants and cash contracts has created nervousness about nearby availability on the LME market.
Treatment charges (TCs) for zinc concentrate extended their gains last month and this bolstered producing enthusiasm across domestic smelters. Some smelters raised output by 500-1,000 mt in November on top of their regular production. Hunan Xuanhua Zinc Industry recovered operation in the second half of November. However, these failed to offset declines in output affected by mill relocation.
Trading Ideas:
–Zinc trading range for the day is 183.9-194.1.
–Zinc gained amid fresh buying as support seen after weakness in Rupee, earlier in the day prices seen pressure amid Sino-U.S. trade tensions.
–China’s consumer price index (CPI), a main gauge of inflation, rose 2.2% year on year in November, down from 2.5% in October, the NBS said.
–The eurozone grew at its slowest pace in four years in the third quarter of 2018, while employment growth also eased during the period.
Courtesy: Kedia Commodities
Source: Commodityonline.com
