Fresh selling seen in MCX Nickel; Support seen at 946.1
MCX Mentha Oil market under fresh buying; Resistance seen at 1622.6
Short covering seen in MCX Cotton
MCX Cardamom under short covering
NCDEX Jeera may move in a range of 18280-18800 levels
Technically MCX Aluminium is getting support at 138.3 and below same could see a test of 137.2 level, And resistance is now likely to be seen at 140.6, a move above could see prices testing 141.8.
Aluminium dropped tracking LME prices hit a three-month low ahead of a summit between U.S. President Donald Trump and Russian President Vladimir Putin. Trump and Putin are due to meet in Helsinki on Monday and aluminium investors are looking for any hint that U.S. sanctions on Rusal , the world’s second-biggest aluminium producer, will be eased or lifted.
A smelter based in China’s central Henan province will move more than 300,000 tonnes of annual aluminium smelting capacity to Liaoning province in the northeast, in line with the government’s policy allowing replacement of outdated plants.
China, the world’s biggest aluminium producer, has a system in place that allows smelters to replace old, shuttered aluminium capacity with new, more efficient facilities, provided they keep within replacement capacity quotas.
Some Chinese officials have called for capacity in heavily industrialised areas to be relocated to more remote locations.
Henan Yugang Longquan Aluminium is dismantling 322,500 tonnes of capacity in Henan and has amassed the same volume of replacement capacity quotas to use at a new plant in Liaoning expected to be launched this month, according to a document dated July 3 on the Liaoning Provincial Industry and Informatization Commission website.
Russian aluminium producer Rusal , placed under U.S. sanctions in April, increased aluminium exports by 49 percent in June, Interfax news agency said. Rusal, the world’s largest aluminium producer outside China, saw its exports and internal supply chain crippled after Washington put the company and its co-owner Oleg Deripaska on a blacklist in response to Russia’s alleged meddling in U.S. elections.
Trading Ideas:
–Aluminium trading range for the day is 137.2-141.8.
–Aluminium dropped tracking LME prices hit a three-month low ahead of a summit between U.S. President Trump and Russian President Vladimir Putin.
–China’s aluminium exports exceeded half a million tonnes for only the second time ever in June.
–China’s unwrought aluminium and aluminium product exports were 510,000 tonnes last month, worth 9.41 billion yuan.
Courtesy: Kedia Commodities
Source: Commodityonline.com
