MCX Nickel expected to trade between 765.3-805.7
MCX Aluminium under long liquidation
MCX Mentha Oil under fresh selling; Resistance seen at 1363.6
Zinc market under fresh selling; Support seen at 182.4
Natural Gas market under fresh selling; Support seen at 268.7
Technically Copper market is under short covering as market has witnessed drop in open interest by 0.99% to settled at 11100 while prices up 0.4 rupees.
Now Copper is getting support at 438.3 and below same could see a test of 434.8 levels and resistance is now likely to be seen at 444.1, a move above could see prices testing 446.4.
Copper settled flat after data showed China’s industrial production slowed last month, denting demand prospects for the metal that is facing a 15 percent decline this year. China’s November industrial output rose the least in nearly three years, according to the National Bureau of Statistics, underlining rising risks to the economy as China works to defuse a trade dispute with the United States.
China is on track to hit its 2018 GDP growth target of around 6.5 percent, but the economy faces more external uncertainties next year, a spokesman for China’s statistics bureau said.
Japanese business confidence and capital expenditure plans held steady from three months ago, a closely-watched central bank survey showed, a sign companies weren’t significantly worried about escalating trade frictions and global growth concerns.
Planned maintenance at major copper smelters next year is expected to reduce supply of the refined metal used widely in the power and construction industries, further tightening the market and pushing premiums higher.
Copper on the London Metal Exchange (LME) is down more than 15 percent so far this year to just around$6,100 per tonne, mainly due to concerns that the U.S-China trade dispute would hurt demand.
But stocks of copper in LME approved warehouses have fallen 35 percent to about 120,000 tonnes in 2018 and have slipped more than 17 percent in warehouses monitored by Shanghai Futures Exchange, sitting just above 120,000 tonnes.
Trading Ideas:
–Copper trading range for the day is 434.8-446.4.
–Copper settled flat after data showed China’s industrial production slowed last month, denting demand prospects for the metal.
–China’s NBS: China has many positive factors for stable growth next year, exports face uncertainties in 2019.
–China says on track to hit 2018 GDP growth target, faces more uncertainties next year
Courtesy: Kedia Commodities
Source: Commodityonline.com
