MCX Nickel may trade between 897.9-921.1 levels
MCX Aluminium likely to move in a range of 145-149.2
MCX Mentha Oil market under short covering
MCX Copper may trade in a range between 443.5-457.1
Natural Gas market under short covering; Support seen at 230.3
Technically market is getting support at 198.1 and below same could see a test of 196.6 levels and resistance is now likely to be seen at 201, a move above could see prices testing 202.4.
Zinc on MCX settled down 0.32% at 199.60 while prices remain in the range of 196 and 201, while upside remain capped reflecting concerns over slower demand in top consumer China for the rest of this year as Beijing’s plans to reinvigorate the world’s second-largest economy may only kick in by 2019.
China said earlier this week that it will roll out more policies to support private companies, including measures to help them raise funds in capital markets, after data last week showed its third-quarter gross domestic product growth slowed to 6.5 percent, the lowest since the first quarter of 2009.
Last night the US dollar fell on Tuesday after Wall Street opened lower, spurring a risk-off move that benefited the safe-haven Japanese yen and Swiss franc against the greenback. Also Crude oil prices fell more than 4% on Tuesday, pressured by weakness in the stock market and commitment by top oil exporter Saudi Arabia to meet the demands of global oil consumers.
The European Commission said that a flash estimate showed eurozone consumer morale increased to -2.7 points in October from -2.9 points in September. Economists had expected a decline to -3.2 points. Producer prices in Germany rose the fastest pace in a year in September, figures from Destatis showed on Tuesday.
Producer prices grew 3.2% year on year in September, after rising 3.1% in the previous month. The inflation rate was the highest since September 2017, when prices advanced 3.2%. On a month-on-month basis, producer prices climbed 0.5% after a they gained 0.3% in August.
Trading Ideas:
–Zinc trading range for the day is 196.6-202.4.
–Zinc dropped reflecting investor doubts over plans by China to reinvigorate the world’s No. 2 economy after growth slowed.
–China’s economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors.
–China’s tax cuts next year could exceed the equivalent of 1 percent of gross domestic product.
Courtesy: Kedia Commodities
Source: Commodityonline.com
