Zinc market under fresh buying; Support seen at 188.7
MCX Nickel under fresh selling; Support seen at 770
MCX Mentha Oil under short covering
NCDEX Chana under fresh selling; Resistance seen at 4544
MCX Cotton may trade between 21970-22430 levels
Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 4.31% to settled at 2808 while prices down 0.7 rupees.
Now MCX Aluminium is getting support at 138.4 and below same could see a test of 136.8 level, And resistance is now likely to be seen at 142.3, a move above could see prices testing 144.6.
Aluminium on MCX settled down 0.5% at 139.95 as pressure seen on-warrant inventories of aluminium in LME-monitored warehouses jumped 4 percent to 829,500 tonnes.
Some 2,700 mt of aluminium scrap across three companies received the green light in the 24th batch of approvals for restricted solid scrap imports, according to the release by the solid waste management centre of China’s Ministry of Ecology and Environment (MEE).
The 25th batch of approvals released on December 4 did not cover aluminium scrap. Total approved aluminium scrap imports in the 25 batches so far this year registered 18,526 mt, down 98.31% from the volumes approved in 11 batches last year.
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.32 million mt, down 35,000 mt, data showed. Lower arrivals to social warehouses and greater deliveries departing extended declines in inventories.
China exported 536,000 mt of unwrought aluminium and aluminium products in November, up some 54,000 mt from October, showed China Customs data. On a yearly basis, November’s exports jumped 41.1%.
This brought the tally in January-November up 20.2% from a year earlier to stand at 5.28 million mt.The yuan’s depreciation as well as trade uncertainty in the overseas market prompted firms to rush out shipments and drove up aluminium exports in November. The month-on-month increase in exports of aluminium came after three consecutive months of declines.
Trading Ideas:
–Aluminium trading range for the day is 136.8-144.6.
–Aluminium dropped as pressure seen on-warrant inventories of aluminium in LME-monitored warehouses jumped 4 percent to 829,500 tonnes.
–Some 2,700 mt of aluminium scrap across three companies received the green light in the 24th batch of approvals for restricted solid scrap imports.
–Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.32 million mt.
Courtesy: Kedia Commodities
Source: Commodityonline.com
