MCX Zinc under Fresh buying; Support seen at 186.8
MCX Copper may trade between 429.7-449.7 levels
MCX Aluminium under short covering
MCX Mentha Oil under long liquidation
Natural Gas market under fresh buying; Support seen at 323.4
Technically Nickel market is under short covering as market has witnessed drop in open interest by 1.98% to settled at 14133 while prices up 1.1 rupees.
Now MCX Nickel is getting support at 773.6 and below same could see a test of 764.8 level, And resistance is now likely to be seen at 789.5, a move above could see prices testing 796.6.
Nickel prices settled with nominal gains on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing could quash chances of a trade deal. Stocks across LME-registered warehouses dipped to 210,800 mt.
The dollar was struggling earlier in the day, weighed down by Friday’s sell-off in equity markets amid trade and growth concerns, and on speculation the Federal Reserve will pause monetary tightening sometime soon after the latest data on U.S. jobs missed estimates.
Related Post
But the greenback moved higher as the pound plunged sharply after the U.K. Prime Minister Theresa May cancelled a vote on the Brexit draft proposal, aiming to work for a better deal with Brussels.
However, according to reports, the European Union executives are unlikely to change the terms of its agreement for U.K.’s exit from the bloc. British Prime Minister Theresa May postponed a parliamentary vote on her Brexit deal, rekindling doubts about the UK’s departure from the European Union in March.
Eurozone investor confidence declined for a fourth month in December, with expectations for economic prospects at the lowest since 2012. Economic data slated for release today include China’s total social financing (TSF) and M2 money supply for November, Germany’s ZEW economic climate index for December and US producer prices for November.
Trading Ideas:
–Nickel trading range for the day is 764.8-796.6.
–Nickel prices settled with nominal gains on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing
–Stocks across all Chinese ports increased by 20,000 wmt from a week ago to stand at 13.86 million wmt.
–NPI plants in central, north China resume production after Nov maintenance.
Courtesy: Kedia Commodities
Source: Commodityonline.com
