MCX Copper may trade in a range between 420.6-436.4
Zinc market under long liquidation; Support seen at 189.5
MCX Nickel under fresh buying; Support seen at 845.9
MCX Mentha Oil under fresh buying; Resistance seen at 1569.7
NCDEX Chana under fresh buying; Support seen at 4196
Technically Aluminium market is getting support at 132.3 and below same could see a test of 130.1 level, And resistance is now likely to be seen at 135.7, a move above could see prices testing 136.9.
Aluminium on MCX settled up 2.36% at 134.45 gained on short covering tracking LME aluminium prices which rebounding from a 2.8 percent plunge in the previous session, with investors turning their focus to inventories, US-China trade talks and a U.S. Federal Reserve meeting beginning later in the day.
Monday’s drop came after the United States lifted sanctions on Russian producer Rusal, while the London Metal Exchange (LME) said it would resume accepting all Rusal metal into its warehouses.
More metal will likely be available in the near future because Rusal has been transporting volumes from its Siberian smelters to Russian ports so it could be shipped quickly once sanctions were lifted. Yesterday LME base metals traded mixed on Tuesday. This again grew of a chaotic withdrawal from the trading bloc.
From data side the US conference Board consumer confidence for January came in weaker than expected at 120.2, versus the expectations of 124. The prior month was at 126.6, revised from 128.1.
The January number was at the lowest level since July 2017. Now a day ahead economic data slated for release today include Germany’s February Gfk consumer confidence index and January consumer price index, the eurozone’s January consumer confidence index, the US ADP January payroll report, December pending home sales and the EIA weekly crude inventory data.
Today, the Fed policymakers would begin a two-day policy meeting. High-level trade negotiations between the US and China also begin today, led by Vice-Premier Liu He and US Trade Representative Robert Lighthizer.
Trading Ideas:
–Aluminium trading range for the day is 130.1-136.9.
–Aluminium prices gained with investors’ focus returning to inventories.
–The United States lifted sanctions on Russian aluminium producer Rusal, easing fears of a supply squeeze.
–Inventories of aluminium stand at 1.3 million tonnes in warehouses approved by the LME, near their lowest since May 2018.
Courtesy: Kedia Commodities
Source: Commodityonline.com
