Rebound in Nickel prices to continue on supply disruption

Precious metal prices remained supported on the continued uncertainty over growth prospects and geopolitical tensions.

Gold prices rose 1.3 percent last week to $1359 per oz and Silver prices increased by 0.33 percent to $15.05 per oz.

Base metal complex continued to trade indecisive due to the pessimism around global growth and trade tensions, while some metals remained supported due to supply disruptions. Among the base metals complex, only Aluminum traded weak with 0.85 percent losses while all other metals closed 2 percent higher.

The energy complex closed the week with losses on account of a deepening trade war and higher inventories. Crude oil prices rallied on suspected attack on oil tankers but the uncertain demand outlook erased the gains while Nymex natural gas prices traded near lows due to record high production and no cooling demand in sight.

Nickel is the best performing base metal this year as at the London Metal Exchange it has risen by 10 percent this year.

Last week, Nickel prices witnessed some buying on concerns over supply disruptions in Indonesia -- the world’s largest nickel exporter and producer.

The floods in Indonesia will disrupt the exports of Nickel ore and Nickel pig production as a large number of mines have been affected which provided a short term boost to the nickel prices. US and Chinese Nickel premium showed an upside on concerns over limited supply.

According to INSG, the global Nickel market will be balanced showing a deficit of 50,000 tonnes-1,20,000 tonnes this year.

Outlook:

A short term bullish scenario may occur in Nickel prices on the account of supply disruption in Indonesia as it raises concerns over delayed shipment of Nickel ore and low Shanghai inventory.

This bullish outlook is for short term only as the rally will fade going forward on ample Chinese NPI supply and weak demand from stainless steel sector.

The upcoming important events like FOMC meeting, G-20 and the OPEC policy will provide further clarity.

We expect MCX Nickel prices to test Rs 960-Rs 1,000 per kg in the near term. Currently the MCX Nickel prices are trading at Rs 875 per kg.

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Aluminium futures slip 0.38% on low demand

On the Multi Commodity Exchange, aluminium for delivery in May contracts eased by 29 paise, or 0.38 per cent, to Rs 143.30 per kg in a business turnover of 1,230 lots.

Aluminium prices softened by 0.38 per cent to Rs 143.30 per kg in futures trade May 23 as speculators cut bets amid subdued demand at the spot market.

On the Multi Commodity Exchange, aluminium for delivery in May contracts eased by 29 paise, or 0.38 per cent, to Rs 143.30 per kg in a business turnover of 1,230 lots.

Similarly, the metal for delivery in June contracts was trading lower by Re 1, or 0.69 per cent, to Rs 143.75 per kg in 1,041 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market weighed on aluminium prices here.

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'Zinc prices to retreat on rising LME inventories'

The commodity space saw varied movements by different commodities last week. The base metal complex was the worst hit after Trump threatened to impose new tariffs on Chinese goods from May 10.

Zinc prices were hit the most losing almost 5 percent, nickel and lead both ended 2.5 percent lower while aluminium was the only gainer, closing 1.9 percent up last week. Amongst precious metals, comex silver prices lost 1 percent during the last week on the fear that global retreat may dampen industrial demand for silver.

Gold prices instead remained steady on account of safe haven status and as the bond yields started to rise. Energy complex ended mixed with Nymex crude ending flat on uncertain demand outlook and supply tightness while Nymex natural gas closed the week with 1 percent gain.

On the base metals side, zinc is losing its appeal after the LME inventories started to rise since last month shifting the investors and fund managers focus towards its upcoming supply. The LME inventories started to increase after its market moved in a backwardation of more than $100 per tonne.

The rising TCRC charges also confirmed the supply increment as the smelters would seize the opportunity by raising its production in the coming quarter. The refined production in China, world’s largest producer of zinc, is expected to increase 5 percent in June which will be a 15 percent rise as compared to the previous year.

Globally, the International Lead and Zinc Study Group expects the market to remain in deficit of 120,000 tonnes in 2019, much lower deficit than the last year. Traders are waiting to sell the metal as many Put options are placed and speculators are cutting their bullish LME zinc bets by 10,280, net-long positions to 40,612.

With the lack of optimism seen on the demand front and incoming increasing mine supply, we believe Zinc prices are unlikely to find respect on the upside. The unsettled trade worries suggest demand downfall is underway.

If the US-China trade deal remains unsettled, we believe LME Zinc prices to remain under selling pressure with prices falling towards $2,500-$2,450 per tonne. Currently, the LME Zinc prices are trading at $2,650 per tonne.

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Today Copper Updates Trading Rules

If Copper Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Copper Mcx Future can head towards major support on lower side around 430- 435 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Copper Mcx Future can head towards higher levels around 460- 462

Currently Copper Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 460- 462 on upside and 430- 435 on downside.

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Source: Equitypandit

Today Aluminum Updates Trading Rules

If Aluminum Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Aluminum Mcx Future can head towards major support on lower side around 138- 139 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Aluminum Mcx Future can head towards higher levels around 153-154

Currently Aluminum Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 153- 154 on upside and 138- 139 on downside.

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Source: Equitypandit

Today Zinc Updates Trading Rules

If Zinc Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Zinc Mcx Future can head towards major support on lower side around 218- 215 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Zinc Mcx Future can head towards higher levels around 240-245

Currently Zinc Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 240- 245 on upside and 218- 215 on downside.

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Source: Equitypandit

Outlook for Nickel for the week (April 29,2019 – May 03,2019):

If Nickel Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Nickel Mcx Future can head towards major support on lower side around 840- 845 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Nickel Mcx Future can head towards higher levels around 950- 960

Currently Nickel Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 950- 960 on upside and 840- 845 on downside.

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Source: EquityPandit

Copper futures edge up on spot demand

Copper prices inched up 0.04 percent to Rs 450.55 per kg in futures trade on May 1 as speculators raised their positions amid pick-up in demand at the domestic spot market.

At the Multi Commodity Exchange, copper for delivery in June contracts rose by 20 paise, or 0.04 percent, to Rs 450.55 per kg in a business turnover of 10,179 lots.

Analysts said, firm trend in base metals at the physical markets mainly led to rise in copper prices.

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Source: Moneycontrol

Copper futures up on spot demand, global cues

Copper futures traded higher by 45 paise at Rs 446.75 per kg on Wednesday as speculators built up positions amid a firming trend at the domestic spot market and positive global cues.

In futures trade, copper for delivery in June was trading higher by 75 paise, or 0.17 percent, at Rs 451.70 per kg in a business turnover of 3,413 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in April edged up by 45 paise, or 0.10 percent, to Rs 446.75 per kg in 11,392 lots.

A firm trend overseas and rising demand at the domestic spot markets influenced copper futures here, market analysts said.

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Source: Moneycontrol

Zinc Outlook for the Week (April 22,2019 – April 26,2019)

Technically on the daily charts we see minor support on the downside for Zinc Mcx Future lies in zone of 220- 222 levels, whereas minor resistance on the upside is capped around 230- 232 levels.

If Zinc Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Zinc Mcx Future can head towards major support on lower side around 218- 215 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Zinc Mcx Future can head towards higher levels around 240-245

Currently Zinc Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 240- 245 on upside and 218- 215 on downside.

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Source: EquityPandit

Copper prices are expected to trade lower today: Angel Commodities

Last week, Copper declined by 0.3 percent on the LME whereas on the MCX prices declined by 0.6. China imported 391,000 tonnes of unwrought copper in March 2019, up by 25.7 percent from the previous month and 26.5 percent higher than a year earlier which weighed on prices. However, robust economic data by China and chances of a possible trade deal between U.S. and China restricted the downside for the red metal prices. Moreover, increase in demand for Copper as a key component of the Electric Vehicles might support the prices.

Outlook

LME Copper price are currently trading lower by 1.31 percent at $6436.0 per tonne. Strengthening of U.S. Dollar might weigh on the industrial metals.

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Source: Moneycontrol

Aluminium Outlook for the Week (April 22,2019 – April 26,2019)

Technically on the daily charts we see minor support on the downside for Aluminum Mcx Future lies in zone of 142-143 levels, whereas minor resistance on the upside is capped around 150- 152 levels.

If Aluminum Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Aluminum Mcx Future can head towards major support on lower side around 138- 139 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Aluminum Mcx Future can head towards higher levels around 153-154

Currently Aluminum Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 153- 154 on upside and 138- 139 on downside.

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Source: Moneycontrol

Nickel Outlook for the Week (April 22,2019 – April 26,2019)

Technically on the daily charts we see minor support on the downside for Nickel Mcx Future lies in zone of 870- 860 levels, whereas minor resistance on the upside is capped around 925-930 levels.

If Nickel Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Nickel Mcx Future can head towards major support on lower side around 840- 845 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Nickel Mcx Future can head towards higher levels around 950- 960

Currently Nickel Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 950- 960 on upside and 840- 845 on downside.

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Source: EquityPandit

Copper futures rise on spot demand

Copper futures rose by 45 paise to Rs 455.10 per kg on April 16 amid pick up in domestic demand at the spot market.

At the Multi Commodity Exchange, copper for delivery in June rose by 45 paise, or 0.1 percent, to Rs 455.10 per kg in a business turnover of 1,757 lots.

Similarly, the metal for delivery in April was trading higher by 0.08 percent at Rs 450.85 per kg in a business turnover of 13,522 lots.

Increase in demand from consuming industries and a firm trend in base metals in global market influenced copper prices at futures trade, market analysts said.

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Source: Moneycontrol

Zinc futures down on tepid demand

Zinc prices fell 0.74 percent to Rs 227.60 per kg in futures trade on April 16 as speculators reduced their exposure, taking negative cues from the spot market on fading demand.

At the Multi Commodity Exchange, zinc for delivery in April declined by Rs 1.70, or 0.74 percent, to Rs 227.60 per kg in a business turnover of 6,167 lots.

Similarly, the metal for delivery in May was trading lower by Rs 2.05, or 0.9 percent, to Rs 225.90 per kg in 862 lots.

Analysts said, cutting down of positions by traders due to easing demand from consuming industries at the spot market mainly weighed on zinc prices.

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Source: Economictimes

Today Zinc Updates Trading Rules

Huge gap on the daily charts is visible on the daily charts, market may tend to fill the gap before heading towards higher levels, Technically on the daily charts we see minor support on the downside for Zinc Mcx Future lies in zone of 220- 222 levels, whereas minor resistance on the upside is capped around 230- 232 levels.

If Zinc Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Zinc Mcx Future can head towards major support on lower side around 205- 200 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Zinc Mcx Future can head towards higher levels around 240-245

Currently Zinc Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. 

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Source: EquityPandit

Copper futures up 0.9 % on global cues, spot demand

Copper futures rose 0.9 percent to Rs 449.85 per kg on April 12 on the back of firm global cues and pick up in domestic demand at the spot markets. At the Multi Commodity Exchange, copper for delivery in June rose by Rs 4, or 0.9 per cent, to Rs 449.85 per kg in a business turnover of 1,199 lots.

Analysts said increased demand from consuming industries and a firm trend in base metals in global markets, mainly influenced copper prices at futures trade here.

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Source: Moneycontrol

Copper futures fall 0.78% as speculators trim bets

Copper futures traded 0.78 percent lower at Rs 444.20 per kg Thursday as speculators off-loaded bets to book profits. Furthermore, subdued demand at domestic spot market pushed down metal prices here.

At the Multi Commodity Exchange, copper for delivery in the current month shed Rs 3.50, or 0.78 percent, at Rs 444.20 per kg in a business turnover of 12,144 lots.

Analysts attributed the fall to off-loading of positions by participants amid muted demand at the domestic spot market.

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Source: Moneycontrol

Copper futures slide on lower demand

Copper prices fell 0.23 percent to Rs 448.80 per kg in futures trade on April 10 as speculators reduced their exposure amid muted demand at the domestic spot market.

At the Multi Commodity Exchange, copper for delivery in April was trading lower by Rs 1.05, or 0.23 percent, at Rs 448.80 per kg in a business turnover of 426 lots.

Analysts said offloading of positions by traders amid muted demand at the domestic spot market and the weakness in metal in overseas market influenced copper prices.

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Source: Moneycontrol

Base metals: Zinc, copper futures mixed

New Delhi:  Zinc prices fell 0.79 per cent to Rs 226.15 per kg in futures trade Tuesday as speculators reduced their exposure, taking negative cues from the spot market. 

At the Multi Commodity Exchange, zinc for delivery in April contracts dipped by Rs 1.80, or 0.79 per cent, to Rs 226.15 per kg in a business turnover of 7,298 lots. 

Similarly, the metal for May contracts was trading lower by Rs 2.20, or 0.97 per cent, to Rs 223.55 per kg in 300 lots. 

Analysts said, cutting down of positions by traders due to easing demand from consuming industries mainly weighed on zinc prices here. 

Copper 

Copper prices rose 0.28 per cent to Rs 453.35 per kg in futures market Tuesday as speculators built up fresh positions following pick-up in demand at the spot market. 

At the Multi Commodity Exchange, copper for April contracts edged higher by Rs 1.25, or 0.28 per cent, to Rs 453.35 per kg in a business turnover of 12,811 lots. 

Similarly, the metal for June contract was trading higher by Rs 1.65, or 0.36 per cent, to Rs 457.65 per kg in 651 lots. 

Market analysts said, fresh positions created by traders due to up-tick in demand from consuming industries in the spot market mainly influenced copper prices here.

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Source: Economictimes