MCX Crude Oil may trade in a range between 3436-3900
MCX Nickel under long liquidation; Resistance seen at 771.6
MCX Mentha Oil under short covering; Resistance Seen at 1680
Silve market under long liquidation; Support seen at 35724
Gold market under long liquidation; Support seen at 30422
Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 6.02% to settled at 3187 while prices down 0.85 rupees.
Now MCX Aluminium is getting support at 135.8 and below same could see a test of 135 level, And resistance is now likely to be seen at 137.4, a move above could see prices testing 138.2.
Aluminium on MCX settled down 0.62% at 136.65 with investors concerned that U.S.-China trade talks next week could fail, damaging economic growth and metals demand. Prices also fell, with investors concerned that U.S.-China trade talks next week could fail, damaging economic growth and metals demand.
U.S.-China trade talks should be equal and mutually beneficial, Chinese Vice Commerce Minister Wang Shouwen said, adding he hoped the two countries could find ways to manage their differences through dialogue.
On Thursday, China rejected fresh U.S. accusations of perpetuating “unfair” trade practices. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit next week.
Global primary aluminium output rose to 5.414 million tonnes in October from 5.301 million tonnes in September, data from the International Aluminium Institute (IAI) showed. Estimated Chinese production rose to 3.05 million tonnes in October from 3.01 million tonnes in September, it added.
The US Federal Reserve is widely expected to impose its fourth rate hike of 2018 in December, but investors have concerns over how many rate hikes the central bank can implement next year without risking a slowdown in the domestic economy.
Consumer Confidence in eurozone dipped from October’s -2.7 to -3.9 in November, compared with the expected 3. This was the lowest reading since March 2017 and reasserting 2018’s downward trend after October posted a small rise.
Trading Ideas:
–Aluminium trading range for the day is 135-138.2.
–Aluminium dropped with investors concerned that U.S.-China trade talks next week could fail, damaging economic growth and metals demand.
–Global primary aluminium output rose to 5.414 million tonnes in October from 5.301 million tonnes in September, data from the IAI showed.
–Trade conflict and higher interest rates are slowing the international economy, though there are no signs of a sharp downturn for now, said the OECD.
Courtesy: Kedia Commodities
Source: Commodityonline.com
