Zinc market under fresh buying; Support seen at 195.8
Copper market under short covering; Support seen at 456.6
MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
Technically now Nickel is getting support at 924 and below same could see a test of 915.1 level, And resistance is now likely to be seen at 945.1, a move above could see prices testing 957.3.
Nickel on MCX settled down -0.36% at 932.8 as pressure seen after nickel ore inventories across all Chinese ports grew 130,000 wmt to 13.71 million wmt. Stocks across seven major Chinese ports rose by 100,000 wmt to 9.77 million wmt.
China’s vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.
last month’s strong export growth – which might indicate U.S. tariffs are not biting much yet – is unlikely to be sustained. But the robust numbers reported on Friday by China’s customs agency – the last ones from China before U.S. congressional elections on Nov. 6 – could prompt a reaction from U.S. President Donald Trump.
September exports rose 14.5 percent from a year earlier, the fastest pace since February, the customs data showed. Some 10,900 mt of nickel was produced across China in September, standing 12.47% lower than the same period last year.
This lowered overall output in January-September by 10.05% to 106,000 mt. In September, China’s nickel output shrank 4.04% from August as two producers continued maintenance.
Maintenance has since ended and this is likely to bolster output by 2,300 mt, or 21%, to 13,200 mt in October. China’s NPI output in September grew 7.47% from August to stand at 41,300 mt in nickel content, up 2.97% on a yearly basis. Overall output came in at 333,600 mt in nickel content, 10.7% higher than the same period last year.
Trading Ideas:
–Nickel trading range for the day is 915.1-957.3.
–Nickel prices dropped as pressure seen after nickel ore inventories across all Chinese ports grew 130,000 wmt to 13.71 million wmt.
–Some 10,900 mt of nickel was produced across China in September, standing 12.47% lower than the same period last year.
–China’s output of low-grade NPI increased by 3% to 4,500 mt in nickel content as some producers in the east resumed operation.
Courtesy: Kedia Commodities
Source: Commodityonline.com
