MCX Natural Gas may trade in a range between 231.1-247.1
MCX Nickel likely to move in a range of 841.7-884.9
Crude Oil market under fresh selling; Support seen at 4574
Silver market under short covering; Support seen at 38771
Gold market under short covering; Support seen at 31778
Technically Aluminium market is getting support at 143.8 and below same could see a test of 142.8 level, And resistance is now likely to be seen at 146.3, a move above could see prices testing 147.8.
Aluminium on MCX settled down 0.48% at 144.70 dropping on fresh selling tracking weakness from LME Aluminium prices while prices rebounded from a 15-month low on Thursday, rising alongside other metals as buyers returned to markets, denting the dollar.
Three-month aluminium on the London Metal Exchange (LME) ended 0.6 percent higher at $1,966 tonnes after touching an August 2017 low of $1,953 on Wednesday. Prices may see some sentimental support as market participants were also betting on economic stimulus measures in China after the world’s top metals consumer pledged to boost domestic infrastructure spending to combat a perceived slowdown in its economy.
Last night most LME and SHFE base metals ended in the black overnight with LME nickel being the best performer, up 2.5% on the day. LME copper and zinc surged 2.3%, lead jumped 1.75%, aluminium rose by over 1%.
The US dollar retreated from multi-month highs on Thursday while the pound rose the most in nine months on reports that London is close to a financial services deal with Brussels. A British official said that London was close to a deal that will grant UK-based financial services firms basic access to the rest of the EU markets.
The BOE announced it would keep interest rates unchanged on Thursday and this also bolstered the sterling, but the BOE also hinted at faster rate increases if Brexit goes smoothly. Now a day ahead the IHS Markit today will release its October manufacturing final PMI for Germany and the eurozone. The US will release October nonfarm payrolls, the September trade balance, durable goods orders and factory orders.
Trading Ideas:
–Aluminium trading range for the day is 142.8-147.8.
–Aluminium dropped on profit booking after prices gained as environmental probes from the central government’s inspection team bolstered confidence.
–China’s exports of alumina surged more than fivefold from August to 165,830 tonnes, the highest monthly volume so far in a year.
–Last month’s exports rose from 29,722 tonnes in August and were also up more than 3,400 percent year on year, the General Administration of Customs said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
