Mentha Oil market under fresh selling; Support seen at 1599.4
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
Natural Gas market under short covering; Support seen at 183.2
Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 4.51% to settle at 4961.
Now MCX Aluminium is getting support at 130.7 and below same could see a test of 130.1 levels and resistance is now likely to be seen at 132.1, a move above could see prices testing 132.9.
Aluminium on MCX settled up 0.5% at 131.15 as support seen after China’s province of Hebei will issue the second-most severe pollution alert as heavy smog is expected across the central-southern and eastern areas of the province, Hebei’s environmental authorities said.
China’s aluminium exports surged to a record high in January, according to customs data, as weak domestic demand led to another bumper month of shipments overseas. Exports of unwrought aluminium and aluminium products from China, the world’s top producer of the metal, rose to 552,000 tonnes last month, the General Administration of Customs said.
That was up 6.2 percent from a revised figure of 520,000 tonnes for December 2018 and up 25.5 percent from a year earlier, beating the previous record high of 542,700 tonnes set in December 2014. Aluminium exports from China have now exceeded 500,000 tonnes for seven of the past eight months.
At the same time, steel product exports surged by 33.1 percent from a year ago to 6.19 million tonnes in January, the most since June. China produced some 2.97 million mt of primary aluminium in January, down 0.5% from January 2018, and down 0.7% from December.
Despite new capacity in Inner Mongolia’s Chuangyuan and Guyang smelters, capacity cuts at Shaanxi Hengkang, Shandong Huayu, Shanxi Huasheng, and Shanxi Huaze continued to lower operating capacity last month. 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.
Trading Ideas:
–Aluminium trading range for the day is 130.1-132.9.
–Aluminium gained as support seen after China’s province of Hebei will issue the second-most severe pollution alert as heavy smog is expected.
–China’s aluminium exports surged to a record high in January, as weak domestic demand led to another bumper month of shipments overseas.
–Exports of unwrought aluminium and aluminium products from China, rose to 552,000 tonnes last month, the General Administration of Customs said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
