Zinc market under long liquidation; Support seen at 185.6
MCX Nickel under fresh selling; Resistance seen at 777.4
MCX Aluminium under fresh selling; Support seen at 137.8
MCX Mentha Oil under long liquidation
Natural Gas market under long liquidation; Support seen at 290.6
Technically now Copper is getting support at 441.4 and below same could see a test of 439.9 levels and resistance is now likely to be seen at 445.1, a move above could see prices testing 447.3.
Copper on MCX settled down -0.75% at 442.85 as firmness in dollar weighed following U.S. President Donald Trump’s upbeat comments about a trade deal with China. China has agreed to cut tariffs on U.S.-built cars and auto parts to 15 percent from 40 percent currently, while Trump said talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal.
Trump also said he would intervene in the Justice Department’s case against a top executive at China’s Huawei Technologies if it would serve national security interests or help close a trade deal. China’s trade surplus with the United States widened to $35.55 billion in November, compared with $31.78 billion in October, Chinese customs data showed.
For January-November, China’s trade surplus with the United States was $293.52 billion, compared with about $251.26 billion in the same period last year. China’s large trade surplus with the United States has long been a sore point with Washington, and is at the center of a bitter dispute between the world’s two biggest economies.
Chile posted a trade surplus of $334 million in November, the central bank reported on Friday, putting an end to a trade deficit that has lingered since August. The surplus came even as the value of copper exports in world top copper exporter Chile softened by 12.5 percent over the same month in 2017 amid price volatility and U.S.-China trade tensions that have affected the price of the red metal.
Trading Ideas:
–Copper trading range for the day is 439.9-447.3.
–Copper dropped as firmness in dollar weighed following U.S. President Donald Trump’s upbeat comments about a trade deal with China.
–China’s copper concentrate imports fell 4.6 percent year-on-year to 1.699 million tonnes last month.
–China’s banks extended more new loans than expected in November after a sharp drop the previous month.
Courtesy: Kedia Commodities
Source: Commodityonline.com
