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
Zinc market under fresh selling; Support seen at 174.5
Technically MCX Nickel is getting support at 775.4 and below same could see a test of 765.7 levels and resistance is now likely to be seen at 791.7, a move above could see prices testing 798.3.
Nickel on MCX settled up 1.19% at 785.20 prices continue uptick on short covering tracking firmness from LME nickel which gained 0.4 percent to $11,190 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 seen after 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.
China produced some 15,800 mt of nickel in Dec, 4.45% higher than Dec 2017. 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.
The US President Donald Trump blamed the Federal Reserve Tuesday for higher rates that he says impedes the economy’s growth. Yesterday Base metals ended mixed as lead jumped nearly 1%, nickel and copper went up over 0.4%, while aluminium lost over 1%, and zinc fell 0.56%.
From data point yesterday German industrial output unexpectedly fell in November for the third consecutive month, adding to signs that companies in Europe’s largest economy are shifting into a lower gear due to global-trade tensions. Industrial output fell by 1.9% on the month in November, data released on Tuesday by the Federal Statistics Office showed, compared to the expected increase of 0.3%.
Trading Ideas:
–Nickel trading range for the day is 765.7-798.3.
–Nickel prices gained signs of progress in Sino-U.S. trade talks.
–China’s central bank said it was cutting reserve requirements for banks for the fifth time in a year, freeing up $116 billion for new lending.
–German industrial orders fell more than expected in November, adding to a slew of recent indicators showing Germany’s exporters are suffering from the trade dispute.
Courtesy: Kedia Commodities
Source: Commodityonline.com
