Post Leads  |
 
MCX Aluminium under long liquidation; Support seen at 139.9
Commodity Online | June 24 2019
UPDATED 10:10:32 IST

NCDEX Mustard Seed likely to move in a range of 4092-4220

MCX Crude Palm Oil under short covering; Support seen at 553.7

MCX Mentha Oil likely to move in a range of 1188.5-1219.9

MCX Aluminium may trade between 133.1-134.1 levels

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 758

Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 42.7% to settled at 1079 while prices down 1.2 rupees.

Now MCX Aluminium is getting support at 139.9 and below same could see a test of 138.8 level, And resistance is now likely to be seen at 142.8, a move above could see prices testing 144.6.

Aluminium on MCX settled down 0.84% at 140.95 as the focus of the market moved back to fundamentals, falling prices of alumina kept prices under pressure.

Premiums for Japanese aluminium shipments for July to September were set at $108 per tonne, up 3% from the current quarter, as tighter supply in Asia outweighed fears over weakening demand.The new figure is higher than the $105 per tonne premiums in the April to June quarter and marks a second straight quarterly increase.

Producers had sought premiums of $115 to $120 per tonne for the third quarter. Spot premiums in Asia have risen due to fewer shipments of semi-fabricated metal from China to other Asian countries due to stronger aluminium prices on the Shanghai Futures Exchange (ShFE).

But slower demand from China for the light metal, used in semiconductors and the machinery to make them, as well as worries over further weakness in demand due to an escalating U.S.-Sino trade conflict capped gains.

Japan’s exports fell for a sixth straight month in May as China-bound shipments of semiconductor manufacturing equipment and car parts weakened. The falling shipments indicate a deteriorating outlook for growth as Japan’s trade-reliant economy faces persistent pressure from slowing external demand.

US current-account deficit, a measure of the nation’s trade and financial flows with other countries, narrowed to a seasonally adjusted $130.4 billion in the first quarter from a revised $143.93 billion in the fourth quarter of 2018.

Trading Ideas:
--Aluminium trading range for the day is 138.8-144.6.
--Aluminium dropped as the focus of the market moved back to fundamentals, falling prices of alumina kept prices under pressure.
--Premiums for Japanese aluminium shipments for July to September were set at $108 per tonne, up 3% from the current quarter.
--Japan’s exports fell for a sixth straight month in May as China-bound shipments of semiconductor manufacturing equipment and car parts weakened.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 9.32 10300.00
Coconut Oil 1.5 18500.00
Arecanut 2 21000.00
Sugar 506 3342.00

More