Thursday, 3 August 2017

TODAY COMMODITY MARKET NEWS

Zinc Trading Range for the day is 175.8-180.6. MCX Zinc is getting support at 176.9 and below same could see a test of 175.8 level, And resistance is now likely to be seen at 179.3, a move above could see prices testing 180.6.

Zinc on MCX settled down -0.78% at 178 on profit-taking in much of the complex following several patchy U.S. economic reports, although otherwise solid global growth reports and a weaker dollar underpinned prices.

Technically Zinc market is under long liquidation as market has witnessed drop in open interest by 2.69% to settle at 5248 while prices down 1.4 rupees.

 

Aluminum Market is under fresh selling as market has witnessed gain in open interest by 25.56% to settled at 2780 while prices down 0.85 rupees.Now MCX Aluminium is getting support at 121.6 and below same could see a test of 121.2 level, And resistance is now likely to be seen at 122.5, a move above could see prices testing 123.

Aluminum on MCX settled down 0.69% at 121.85 tracking weakness from LME Aluminium which ended down 0.6 percent at $1,907 despite supportive stronger demand from top consumer China.

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3 comments:

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  3. U.S. crude oil moved lower on this Friday, as new concerns over increasing supplies surfaced following the release of the OPEC (Organization of the Petroleum Exporting Countries) monthly report on this Thursday.

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