Nickel / Aluminium / Soyabean
Nickel trading range for the day is 729.1-765.7 . Nickel on MCX settled up 0.15% at 746.50 hold gains on short covering as support seen from Chinese nickel futures which led most base metals higher on Tuesday, helped by a resurgent market for steel. Nickel, chiefly used in making stainless steel, has been on a tear, rising 27 percent in price since early July on the Shanghai Futures Exchange. Nickel has supply issues that are still playing out and that's helping, particularly when we see steel prices going up too. Yesterday Three-month nickel on the London Metal Exchange was up 2.3 % at $11,745.
Nickel trading range for the day is 729.1-765.7 . Nickel on MCX settled up 0.15% at 746.50 hold gains on short covering as support seen from Chinese nickel futures which led most base metals higher on Tuesday, helped by a resurgent market for steel. Nickel, chiefly used in making stainless steel, has been on a tear, rising 27 percent in price since early July on the Shanghai Futures Exchange. Nickel has supply issues that are still playing out and that's helping, particularly when we see steel prices going up too. Yesterday Three-month nickel on the London Metal Exchange was up 2.3 % at $11,745.
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Aluminium on MCX settled up 0.76% at 132.95 tracking firmness in LME prices as support seen as the dollar sank after North Korea raised geopolitical tensions. LME aluminium stocks have climbed by around 40,000 tonnes since mid-month, as traders deliver metal rather than hold it given a blow-out in spreads. Technically Market is under short covering as market has witnessed drop in open interest by -6.22% to settled at 1990 while prices up 1 rupees, now Aluminium is getting support at 131.8 and below same could see a test of 130.6 level, And resistance is now likely to be seen at 133.8, a move above could see prices testing 134.6.
Soyabean on NCDEX settled down by -1.98% at 3116 tracking weak international prices and good rains in rain deficient areas of Maharashtra and Madhya Pradesh. Acreage of soybean across the country was at 10.5 mln ha down 7.3% from a year ago, according to latest data released by the agriculture ministry. The area under soybean has declined this year due to a fall in acreage in Madhya Pradesh, the largest producer, because of poor rains in the state so far.
Trading Ideas
- Soyabean trading range for the day is 3065-3201.
- Soyabean ended with losses tracking weak international prices and good rains in rain deficient areas of Maharashtra and Madhya Pradesh.
- Acreage of soybean across the country was at 10.5 mln ha down 7.3% from a year ago.
- At the Indore spot market in top producer MP, soybean dropped -49 Rupees to 3106 Rupees per 100 kgs.
- Soyabean trading range for the day is 3065-3201.
- Soyabean ended with losses tracking weak international prices and good rains in rain deficient areas of Maharashtra and Madhya Pradesh.
- Acreage of soybean across the country was at 10.5 mln ha down 7.3% from a year ago.
- At the Indore spot market in top producer MP, soybean dropped -49 Rupees to 3106 Rupees per 100 kgs.
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