MCX Zinc under long liquidation; Support seen at 191.2
MCX Nickel likely to move in a range of 900.8-959.8
MCX Aluminium under short covering; Support seen at 143.8
MCX Mentha Oil under fresh buying; Support seen at 1607.8
NCDEX Chana under long liquidation; Resistance seen at 4159
Technically MCX Copper market is under long liquidation as market has witnessed drop in open interest by 1.65% to settled at 13199 while prices down 0.9 rupees.
Now MCX Copper is getting support at 452.1 and below same could see a test of 450 level, And resistance is now likely to be seen at 455.7, a move above could see prices testing 457.2.
Copper on MCX settled down 0.2% at 454.10 on long liquidation as rising stockpiles and a drop in the premium for directly available metal signalled a supply squeeze on the London Metal Exchange may be easing. Inventories in LME-registered warehouses rose to 120,075 tonnes from 116,872 tonnes, the lowest since 2008.
Stockpiles in Shanghai Futures Exchange (ShFE) warehouses have more than doubled to 227,049 tonnes. Optimism over the ability of a potential U.S.-China trade deal and Chinese economic stimulus to push prices higher was also fading. Also Stimulus measures announced this week in China, the largest metals consumer, were “not a game changer” and would not stop growth there from slowing.
Copper’s more than 10 percent rise from a January low also showed traders had priced in the possibility of a trade deal, predicting copper would end the year at $6,250 a tonne. Inventories in LME-registered warehouses rose to 120,075 tonnes from 116,872 tonnes on Wednesday, the lowest since 2008.
Now traders are eyeing data from China which will release data on its February’s trade balance, and the US will release its nonfarm payroll employment and the jobless rate for last month.
Trading Ideas:
–Copper trading range for the day is 450-457.2.
–Copper prices fell as rising stockpiles and a drop in the premium for directly available metal signalled a supply squeeze on the London Metal Exchange may be easing.
–Inventories in LME-registered warehouses rose to 120,075 tonnes from 116,872 tonnes on Wednesday, the lowest since 2008.
–Stockpiles in Shanghai Futures Exchange (ShFE) warehouses have more than doubled to 227,049 tonnes
Courtesy: Kedia Commodities
Source: Commodityonline.com
