MCX Zinc under long liquidation; Support seen at 191.2
MCX Nickel likely to move in a range of 900.8-959.8
MCX Mentha Oil under fresh buying; Support seen at 1607.8
MCX Copper under long liquidation
NCDEX Chana under long liquidation; Resistance seen at 4159
Technically Aluminium market is under short covering as market has witnessed drop in open interest by 5.22% to settled at 1781 while prices up 0.35 rupees.
Now MCX Aluminium is getting support at 143.8 and below same could see a test of 142.8 level, And resistance is now likely to be seen at 145.6, a move above could see prices testing 146.4.
Aluminium on MCX settled up 0.24% at 144.65 gained on short covering despite major base metals prices declined for the most part as nickel led the losses and closed 3.04% lower and zinc fell with copper as dollar increase to a near three-month peak as the euro sold off.
Also support seen after Rusal said last month it expected aluminium demand to grow this year and prices to rise. “Looking ahead into 2019 and the year ahead, we expect aluminium demand to recover after the trade wars and supply shocks of late 2018,” ceo Evgenii Nikitin said in a statement on Thursday.
Rusal expects global aluminium demand to rise by 3.7 percent year-on-year in 2019 to 68 million tonnes, compared to the 3.6 percent demand seen in 2018. It also forecast that markets outside China would be in heavy deficit in 2019.
While Shanghai aluminium fell for the third straight day on Thursday to a near three-week low due to rising inventories and concerns that a supply glut may outstrip demand in top consumer China. 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:
–Aluminium trading range for the day is 142.8-146.4.
–Aluminium gained on short covering despite of rising inventories and Chinese demand concerns.
–China, will report its February aluminium export figure on Friday, shipments surged to a record high of 552,000 tonnes in January.
–The U.S. goods trade deficit surged to a record high in 2018 as strong domestic demand fueled by lower taxes pulled in imports.
Courtesy: Kedia Commodities
Source: Commodityonline.com
