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
MCX Nickel may trade in a range between 765.7-798.3
Zinc market under fresh selling; Support seen at 174.5
Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 5.04% to settled at 4477 while prices down 0.45 rupees.
Now MCX Aluminium is getting support at 129.8 and below same could see a test of 129.2 levels and resistance is now likely to be seen at 130.8, a move above could see prices testing 131.2.
Aluminium on MCX settled down 0.34% at 130.15 while most of other base metals climbed, MCX Aluminium dropped on fresh selling tracking weakness from Shanghai aluminium edged down 0.1 percent pressure seen after the news that US plans to remove sanctions on Russian aluminium giant Rusal will be of limited benefit to consumers in the United States where tariffs on aluminium imports mean producers still need much higher prices to incentivize shipments.
Aluminium has the biggest speculative net short position of the LME complex at 27 percent of open interest as of last Friday. Pressure also seen as excess supply was evident in a build-up of LME aluminium inventories , which rose again on Tuesday, daily LME data showed.
The stocks have surged nearly 40 percent since mid October last year. The United States and China will continue trade talks in Beijing for an unscheduled third day, a member of the U.S. delegation said on Tuesday, as the world’s two largest economies looked to resolve their bitter trade dispute.
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:
–Aluminium trading range for the day is 129.2-131.2.
–Aluminium prices seen some pressure as investors awaited the outcome of the latest round of U.S.-China trade talks in Beijing.
–Aluminium has been the worst performer on the London Metal Exchange during the last two months on concerns about excess supply.
–Aluminium has the biggest speculative net short position of the LME complex at 28 percent of open interest, a level not seen since November 2015.
Courtesy: Kedia Commodities
Source: Commodityonline.com
