Mentha Oil market under fresh selling; Support seen at 1599.4
MCX Aluminium under fresh buying; Support seen at 130.7
MCX Nickel may trade in a range between 848.1-901.3
Zinc market under fresh buying; Support seen at 186.2
Copper market under short covering; Support seen at 436.2
Technically Silver market is under short covering as market has witnessed drop in open interest by 3.63% to settled at 12968 while prices up 519 rupees.
Now MCX Silver is getting support at 39612 and below same could see a test of 39261 levels and resistance is now likely to be seen at 40187, a move above could see prices testing 40411.
Silver on MCX settled up 1.32% at 39962 following the release of weak U.S. retail sales and China inflation data. Elsewhere, reports that China and the U.S. have not been making much progress during trade talks also supported prices.
Risk appetite improved temporarily earlier this week following reports that U.S. President Donald Trump was considering a 60-day extension to the March 1 deadline requiring China to reach a trade deal with the U.S. The Commerce Department said that retail sales fell 1.2 percent, the largest decline since September 2009 when the economy was emerging from recession.
Data for November was revised slightly down to show retail sales edging up 0.1 percent versus 0.2 percent as previously reported. The sharp drop suggested a moderation in the pace of consumer spending, which accounts for more than two-thirds of the U.S. economy, in the fourth quarter. Following the retail data release, a forecast model by the Atlanta Federal Reserve revised downward the U.S. economy’s expected fourth-quarter growth rate to under 2 percent.
Data is supportive of the Fed’s current inclination toward patience in its rate-hiking cycle. After four increases in 2018, market participants are anticipating the central bank will hold off on raises for the next one or two quarters. US producer prices, which tracked changes before they reach consumers, dipped 0.1% in January, missing the expectations of a gain of 0.1%. China reported exports and imports data for January that beat expectations.
Trading Ideas:
–Silver trading range for the day is 39261-40411.
–Silver prices rallied following the release of weak U.S. retail sales and China inflation data.
–Elsewhere, reports that China and the U.S. have not been making much progress during trade talks also supported prices.
–Risk appetite improved temporarily earlier this week following reports that U.S. President Donald Trump was considering a 60-day extension to the March 1 deadline.
Courtesy: Kedia Commodities
Source: Commodityonline.com
