MCX Aluminium may trade between 144.4-149.6 levels
MCX Menthol Oil under fresh selling; Resistance seen at 1652.2
MCX Cardamom under long liquidation
NCDEX Jeera likely to move in a range of 18675-19205
NCDEX Turmeric under fresh selling; Support seen at 6492
Technically Nickel market is getting support at 897.5 and below same could see a test of 889.3 level, And resistance is now likely to be seen at 919.7, a move above could see prices testing 933.7.
Nickel on MCX settled down 1.99% at 905.60 as pressure seen after the report that inflows of Russian nickel grew supplies in the domestic market and this limited upward momentum in futures.
Sentiments can change as support can be seen as the global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month, the International Nickel Study Group said on Friday.
During the first seven months of the year, the deficit widened to 97,100 tonnes from 51,800 tonnes in the same period of 2017, the data showed.
Last night the dollar notched the largest daily increase in close to seven weeks against a basket of other major currencies on Thursday, boosted by the Federal Reserve’s outlook for more rate hikes beyond this year as well as a weakening of the euro on worries about the Italian budget.
While New industrial data for August suggests China’s industrial companies are coming under strain from the trade war with the US as profit growth decelerated for the fourth month in a row.
Industrial profits grew by 9.2% to $75.57 billion last month, with the growth rate down from 16.2% a month earlier, according to data published Thursday by the NBS.
Now a Day ahead traders will be eyeing on Key economic data slated for release today include China’s September manufacturing activity, Germany’s September unemployment rate, the eurozone’s September consumer inflation and US August PCE inflation, personal income and spending and September consumer confidence.
Trading Ideas:
–Nickel trading range for the day is 889.3-933.7.
–Nickel dropped as pressure seen amid inflows of Russian nickel grew supplies in the domestic market.
–The global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month, INSG said.
–During the first seven months of the year, the deficit widened to 97,100 tonnes from 51,800 tonnes in the same period of 2017, the data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
