Mentha Oil market under fresh selling; Support seen at 1599.4
MCX Aluminium under fresh buying; Support seen at 130.7
Zinc market under fresh buying; Support seen at 186.2
Copper market under short covering; Support seen at 436.2
Natural Gas market under short covering; Support seen at 183.2
Technically now Nickel is getting support at 864.5 and below same could see a test of 848.1 levels and resistance is now likely to be seen at 891.1, a move above could see prices testing 901.3.
Nickel on MCX settled up 2.07% at 881 as support seen as US and Chinese negotiators will continue their trade talks in Beijing. It was reported that US President Donald Trump was mulling an extension of the March 1 deadline, by 60 days.
China’s Hebei province, issued an orange pollution alert as a wave of smog was expected to blanket the region. Orange alerts, the second-highest after red in China’s four-tier pollution warning system, require industrial companies to cut output by at least 30 percent.
The alert will take effect in 11 cities in Hebei, the Hebei environmental protection bureau said. Nickel ore inventories across all Chinese ports declined 310,000 wmt from February 1 to stand at 12.79 million wmt as of Friday February 15, data showed. In metal content, stocks decreased by 2,800 mt in the past fortnight and came in at 107,000 mt.
Stocks across seven major Chinese ports fell 80,000 wmt to 10.4 million wmt. Talks between China and the United States to resolve their bruising trade war will resume in Washington, with both sides saying this week’s negotiations in Beijing made progress.
The White House stood by its March 1 deadline for reaching a deal or raising tariffs on certain Chinese goods, despite U.S. President Donald Trump having said he was reluctantly willing to let the target date slide. White House Press Secretary Sarah Sanders said in a statement the two economic superpowers “will continue working on all outstanding issues in advance of the March 1, 2019, deadline.”
Trading Ideas:
–Nickel trading range for the day is 848.1-901.3.
–Nickel prices gained as support seen as US and Chinese negotiators will continue their trade talks in Beijing.
–However, slowing global growth, the U.S.-China trade dispute and a strong dollar took their toll.
–Talks between China and the United States to resolve their bruising trade war will resume in Washington, with both sides saying negotiations in Beijing made progress.
Courtesy: Kedia Commodities
Source: Commodityonline.com
