MCX Gold under fresh buying; Support seen at 32943
MCX Silver under fresh buying; Resistance seen at 40784
MCX Crude Oil under fresh selling; Support seen at 3832
MCX Natural Gas may move in a range of 193.7-212.5
MCX Zinc under Fresh buying; Support seen at 192.9
Technically MCX Copper is getting support at 435.5 and below same could see a test of 433.3 level, And resistance is now likely to be seen at 439.9, a move above could see prices testing 442.1.
Copper on MCX settled up 0.21% at 437.60 after the U.S. Federal Reserve said it would be patient with interest rate hikes. A second straight monthly contraction in manufacturing activity in top metals consumer China capped gains.
Last day base metals traded higher across the board on Thursday, Lead surged 1.04%, Zinc advanced 0.98%, nickel climbed 0.50%, Copper gained 0.21%, and aluminium settled flat after the US Federal Reserve said it would be patient with interest rate hikes, although a second straight monthly contraction in manufacturing activity in top metals consumer China capped gains.
The dollar index was down 0.2 percent at 95.17 and near a three-week low, after falling 0.43 percent overnight. The US dollar index recovered as the euro slid against the greenback after Jens Weidmann, the Bundesbank president and a member of the European Central Bank Governing Council, painted a bleak picture of the German economy, saying the country’s slump will last longer than thought.
While china’s manufacturing purchasing managers’ index (PMI) came in at 49.5 for January, slightly up from 49.4 in December, the National Bureau of Statistics (NBS) said. Although the figure stayed below the boom-bust line for a second month, the gain ended four consecutive months of decline, NBS senior statistician Zhao Qinghe said.
Now a day ahead Economic data slated for release today include China’s Caixin PMI, Germany’s Markit PMI, the eurozone’s Markit PMI and consumer price index as well as the US nonfarm payrolls report, Markit and ISM PMI, the University of Michigan consumer confidence index and weekly rig count. Data are all for January.
Trading Ideas:
–Copper trading range for the day is 433.3-442.1.
–Copper prices remained supported after the U.S. Federal Reserve said it would be patient with interest rate hikes.
–A second straight monthly contraction in manufacturing activity in top metals consumer China capped gains.
–China’s official Purchasing Managers’ Index (PMI) for January ticked up fractionally to 49.5.
Courtesy: Kedia Commodities
Source: Commodityonline.com
