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 Copper market is under short covering as market has witnessed drop in open interest by -6.23% to settled at 18800 while prices up 3.65 rupees.
Now MCX Copper is getting support at 409.9 and below same could see a test of 406.3 levels and resistance is now likely to be seen at 415.7, a move above could see prices testing 417.9.
Copper on MCX settled up 0.89% at 413.40 gained on short covering as most base metals rose buoyed by a report that top metals consumer China would try to boost spending on autos and home appliances this year, as well as signs of progress in Sino-U.S. trade talks.
The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China’s markets.
Traders are eyeing on impact of report which suggest that Chile’s copper production could jump by nearly 30 percent over the next 10 years, Chile’s state copper agency Cochilco said. Cochilco said in a report that output from Chile, the world’s top producer of the red metal, could reach a record of 7.25 million tonnes as early as 2025.
The state copper agency said in the report that it believes production by existing, aging mines will decrease by 19 percent, to 4.46 million tonnes per year, but that the decline would be offset by several new projects and expansions.
Last night the US dollar rebounded from a nearly three-month low, as investors focused on the risk of a eurozone recession after data showed more signs of slowing in the region. Weakness in the euro supported the dollar, which rose 0.21% against a basket of currencies to 95.88.
Trading Ideas:
–Copper trading range for the day is 406.3-417.9.
–Copper prices steadied on investor hopes that Chinese measures to boost lending would be followed by progress in trade talks with the United States.
–Prices were also supported by a weaker dollar after Federal Reserve Chairman Jerome Powell hinted that the pace of U.S. interest rate rises could slow.
–U.S. and Chinese officials are meeting for the first face-to-face talks since the two countries agreed in December to a 90-day truce in a trade war.
Courtesy: Kedia Commodities
Source: Commodityonline.com
