Mentha Oil market under long liquidation; Support seen at 1701.5
Aluminium may trade between 143.4-147.8 levels
MCX Nickel likely to trade in a range between 879.6-918.2
Zinc market under fresh selling; Support seen at 164.7
MCX Natural Gas may trade between 196.8-204.2 levels
Technically MCX Copper is getting support at 420.6 and below same could see a test of 417.1 levels and resistance is now likely to be seen at 430, a move above could see prices testing 435.9.
Copper on MCX settled down 1.12% at 423.95 as data in China pointing to a cooling economy and a worsening trade dispute between Washington and Beijing raised concerns that Chinese demand for metals would fall more than expected.
China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. Copper stocks across Shanghai bonded areas shrank 43,500 mt from a week ago to stand at 410,000 mt as of Friday September 14, data showed.
With the import arbitrage window open for a second straight week, imported copper continued to enter the domestic market. The imported materials remained short in the Chinese market as weak copper prices bolstered consumption.
China’s imports of unwrought copper and copper semis in August declined 6.7% from July to stand at 420,000 mt, showed China Customs data. However, imports from January to August grew 15.3% on a yearly basis and totalled 3.47 million mt.
Some 11,962 mt of copper scrap, across seven companies, received the green light in the 19th and latest batch of approvals for restricted solid scrap imports, according to the release earlier in the week by the solid waste management centre of China’s Ministry of Ecology and Environment.
The 19th batch of approvals brought total approved copper scrap imports this year to 738,600 mt, down some 75.43% from the volumes approved in 11 batches last year. Approved copper scrap imports so far in the third quarter came in at 250,600 mt.
Trading Ideas:
–Copper trading range for the day is 417.1-435.9.
–Copper dropped as data in China pointing to a cooling economy and a worsening trade dispute between Washington and Beijing.
–The copper mine Collahuasi in Chile is expected to produce 545,000 tonnes of copper this year, 4 percent more than in 2017.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.1 percent from last Friday, the exchange said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
