MCX Gold likely to move in a range of 30846-31246
MCX Silver may trade between 36364-37304 levels
MCX Crude Oil likely to move in a range of 4311-4527
MCX Natural Gas under short covering; Resistance seen at 282.6
MCX Copper under short covering
Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 1.12% to settled at 16811 while prices down 3.1 rupees.
Now MCX Nickel is getting support at 819.2 and below same could see a test of 811.9 level, And resistance is now likely to be seen at 833.9, a move above could see prices testing 841.3.
Nickel on MCX settled down 0.37% at 826.4 pressured by worries of slowing Chinese demand for steel. Increasing nickel pig iron production and rising Shanghai nickel inventory also pointed to further nickel weakness.
A strong U.S. dollar and worries over economic growth in China as well as the U.S.-China trade tensions have been weighing on industrial metals. The dollar built on last week’s gains and rose towards a 16-month high as traders expect the U.S. Federal Reserve to keep tightening monetary policy.
China’s consumer price index (CPI), rose 2.5% year on year in October, unchanged from September, data showed. For the first 10 months, CPI gained 2.1% from one year earlier, well below the government’s target of 3% for 2018, according to data released by the National Bureau of Statistics (NBS).
Food prices jumped 3.3% from October of last year. Prices of fresh fruits, vegetables and eggs climbed 11.5%, 10.1% and 7.8%, respectively, from a year ago. Pork prices fell 1.3% year on year, but climbed 1% from the previous month.
The producer price index (PPI), which measures costs for goods at the factory gate, rose 3.3% year on year in October, with the pace of growth slowing for a fourth month. Some 13,200 mt of nickel was produced across China in October, standing 4.62% higher from a year ago. However, overall output in January-October was 8.63% lower on the year, at 119,200 mt.
Trading Ideas:
–Nickel trading range for the day is 811.9-841.3.
–Nickel prices dropped pressured by worries of slowing Chinese demand for steel.
–Increasing nickel pig iron production and rising Shanghai nickel inventory also pointed to further nickel weakness.
–China’s consumer price index (CPI), rose 2.5% year on year in October, unchanged from September, data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
