NCDEX Ref.Soya Oil may trade in range between 731-749
NCDEX Soyabean likely to trade in range between 3470-3656
Mentha Oil likely to trade in a range between 1601.5-1677.3
Aluminium market under fresh selling; Support seen at 129.8
MCX Nickel may trade in a range between 765.7-798.3
Technically Silver market is under fresh buying as market has witnessed gain in open interest by 3.07% to settled at 17289 while prices up 115 rupees.
Now MCX Silver is getting support at 39025 and below same could see a test of 38714 levels and resistance is now likely to be seen at 39511, a move above could see prices testing 39686.
Silver prices gained amid expectations that the U.S. Federal Reserve may halt its rate-hiking cycle for the year. Fed Chairman Jerome Powell said the central bank would be more sensitive to downside risks in the market, adding that it was “prepared to shift the stance of policy” if needed.
Meanwhile, U.S.-China trade tensions returned to focus this week as officials from Washington and Beijing kicked off talks in China’s capital in the first face-to-face meeting since President Donald Trump and his Chinese counterpart Xi Jinping in December agreed to a 90-day truce in their trade war. U.S. Commerce Secretary Wilbur Ross predicted that Beijing and Washington could reach a trade deal that “we can live with”.
“There’s a very good chance that we’ll get a reasonable settlement that China can live with, that we can live with, and that addresses all the key issues,” Ross told.
China’s foreign exchange (forex) reserves grew in December, following a rebound in November, according to official data on Monday. Reserves came in at $3.07 trillion at the end of December, up from $3.06 trillion in November, according to the People’s Bank of China. Reserves in December exceeded market estimates of $3.07 trillion. Prices of the metal tend to rise when rate hike expectations ease because lower rates reduce the opportunity cost of holding non-yielding bullion.
Trading Ideas:
–Silver trading range for the day is 38714-39686.
–Silver gained amid expectations that the Fed may halt its rate-hiking cycle for the year.
–Fed Chairman Powell said the central bank would be more sensitive to downside risks in the market, adding that it was “prepared to shift the stance of policy” if needed.
–Meanwhile, U.S.-China trade tensions returned to focus this week as officials from Washington and Beijing kicked off talks in China’s capital
Courtesy: Kedia Commodities
Source: Commodityonline.com
