Zinc market under fresh buying; Support seen at 188.7
MCX Aluminium under fresh selling; Support seen at 138.4
MCX Mentha Oil under short covering
NCDEX Chana under fresh selling; Resistance seen at 4544
MCX Cotton may trade between 21970-22430 levels
Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 3.98% to settled at 14696 while prices down 5.3 rupees.
Now MCX Nickel is getting support at 770 and below same could see a test of 763 level, And resistance is now likely to be seen at 787.5, a move above could see prices testing 798.
Nickel on MCX settled down 0.68% at 777.1 as the US dollar surged, LME nickel tumbled to close lower at $10,745/mt overnight despite signs of progress in trade talks between the United States and China eased jitters over the fragile relations between the two economic giants that have roiled the markets for months.
Boosting sentiment was a report that China was moving toward cutting its trade-war tariffs on imported U.S.-made cars. Even after the world’s two biggest economies agreed to a 90-day trade ceasefire on Dec. 1 for negotiations, investors have been skeptical of a resolution following the arrest of a top Huawei Technologies Co Ltd executive at U.S. request.
A top International Monetary Fund official warned storm clouds were gathering over the global economy and governments and central banks might not be well-equipped to cope. Chinese banks extended 1.25 trillion yuan ($182 billion) in new yuan loans in November, up from 697 billion yuan in October, the People’s Bank of China (PBOC) said in a statement on its website.
Broad M2 money supply, a broad measure of money supply that covers cash in circulation and all deposits, grew 8% in November from a year earlier, matching forecasts and in line with the previous month, PBOC data showed. The Labor Department said its producer price index (PPI) for final demand edged up 0.1% last month after jumping 0.6% in October. The US Department of Labor will publish its consumer price index (CPI) report for November.
Trading Ideas:
–Nickel trading range for the day is 763-798.
–Nickel dropped as the US dollar surged, LME nickel tumbled to close lower at $10,745/mt overnight.
–Chinese banks extended 1.25 trillion yuan ($182 billion) in new yuan loans in November, up from 697 billion yuan in October.
–The Labor Department said its producer price index (PPI) for final demand edged up 0.1% last month after jumping 0.6% in October.
Courtesy: Kedia Commodities
Source: Commodityonline.com
