MCX Zinc likely to move in a range of 181.6-188.6
MCX Nickel under fresh selling; Support seen at 854.5
MCX Zinc likely to trade in a range between 181.6-188.6
MCX Aluminium likely to move in a range of 129.4-132.4
MCX Mentha Oil under long liquidation
Technically now Copper is getting support at 432.3 and below same could see a test of 429.5 levels and resistance is now likely to be seen at 439.1, a move above could see prices testing 443.1.
Copper on MCX settled up 0.07% at 435.05 gained towards two-month highs at 440 level as support seen after Benchmark copper on the London Metal Exchange ended up 0.2 per cent at $US6, 137 a tonne from an earlier $US6, 195 as import data from top consumer China suggested robust demand, while markets awaited the outcome of high-level China-US trade talks in Beijing.
The price of the metal used as a gauge of economic health has gained seven per cent since early January. China’s unwrought copper imports came in at 479,000 tonnes last month. That was up 14 per cent from 420,000 tonnes in December and up 8.9 per cent from 440,000 tonnes in January 2018, reaching the highest level since September.
Overall, China’s exports rose in January after a shock decline in December, while imports fell less than expected, but market said the strength was likely due to seasonal factors and predicted renewed trade weakness ahead.
Now a day ahead Economic data slated for release today include China’s consumer and producer prices for January, the eurozone’s trade balance for December, the US’ import prices, industrial output for January, the University of Michigan consumer confidence index for February and weekly oil rig count from Baker Hughes.
US and Chinese negotiators will continue their trade talks in Beijing today. It was reported that US President Donald Trump was mulling an extension of the March 1 deadline, by 60 days. On Wednesday, he had said the talks were “going along very well”.
Trading Ideas:
–Copper trading range for the day is 429.5-443.1.
Copper prices settled flat paring its gains as China’s factory-gate price growth missed expectations.
–Unwrought copper imports into China, the world’s top copper consumer, rose 12 percent from December to 479,000 tonnes in January.
–Imports of copper concentrate also rose to 1.895 million tonnes, the second-highest monthly total on record.
Courtesy: Kedia Commodities
Source: Commodityonline.com
