MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Silver market under fresh selling; Support seen at 37884
Gold market under fresh selling; Support seen at 31673
Fresh selling seen in MCX Cotton
Technically MCX Nickel market is getting support at 848.9 and below same could see a test of 841 level, And resistance is now likely to be seen at 869.7, a move above could see prices testing 882.6.
Nickel on MCX settled down 1.18% at 856.70 slipped tracking weakness from LME Nickel which has fallen as much as 2 percent in Shanghai to a six-month low of 96,330 yuan a tonne on concerns the Sino-U.S. trade row will hurt demand, as another batch of weak data from top metals consumer China adding to the negative sentiment.
A private survey showed China’s manufacturing sector barely grew last month after stalling in September, a day after the country’s official Purchasing Managers’ Index showed the slowest growth in over two years.
Last night most LME and SHFE base metals ended in negative territory overnight with LME zinc being the biggest loser, down over 2% on the day. LME nickel tumbled close to 1.9%, lead dropped some 1.4%, aluminium lost 0.5% and copper fell 0.4%. SHFE nickel slid more than 1.6%, zinc slipped over 1%, copper decreased close to 0.7%, aluminium sank over 0.4% while lead gained 0.25%.
The US dollar edged up to a fresh 16-month high against a basket of key currencies on Wednesday as the US economy continued to strengthen, putting the greenback on pace for a seventh straight month of gains.
The ADP national employment report on Wednesday showed that US private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated after Hurricane Florence affected restaurant and retail employment in September.
Now a day ahead Economic data slated for release today include China’s Caixin manufacturing PMI for October, US weekly jobless claims, Markit and ISM manufacturing PMI for October.
Trading Ideas:
–Nickel trading range for the day is 841-882.6.
–Nickel dropped as China reported slower growth in the manufacturing purchasing managers’ index (PMI) for the second straight month in October.
–China’s economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors.
–The China Securities Regulatory Commission said that it would improve market liquidity and encourage more long-term capital into the market.
Courtesy: Kedia Commodities
Source: Commodityonline.com
