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 Zinc market is under fresh selling as market has witnessed gain in open interest by 4.63% to settled at 3455.
Now MCX Zinc is getting support at 174.5 and below same could see a test of 173.2 levels and resistance is now likely to be seen at 177.4, a move above could see prices testing 179.
Zinc on MCX settled down -0.26% at 175.65 tracking weakness from LME Zinc prices as pressure above at $2,500/mt dragged LME zinc from a high of $2,508/mt to below the daily moving average. Continued pressure at the $2,500/mt level, or the 20-day moving average, will keep LME zinc trade at $2,465-2,510/mt.
Limited upward momentum is expected in the contract as consumption weakens ahead of CNY. 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.
Support can be seen as China plans to introduce policies to boost domestic spending on items such as autos and home appliances this year, state television CCTV quoted a senior state planning official as saying on Tuesday.
Also 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.
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. The US President Donald Trump blamed the Federal Reserve Tuesday for higher rates that he says impedes the economy’s growth.
Trading Ideas:
–Zinc trading range for the day is 173.2-179.
–Zinc prices dropped amid concerns over economic growth in top consumer China.
–Output of refined zinc in China totalled 448,400 mt in Dec, down 1.74% month on month and 7.29% year on year.
–China said it had the “good faith” to work with the United States to resolve trade frictions.
Courtesy: Kedia Commodities
Source: Commodityonline.com
