Nickel On MCX Settled Up 1.44%

Nickel on MCX settled up 1.44% at 734.10 tracking gains from LME Nickel which extended recent gains, finishing up 0.9 percent at $11,150, the highest since Dec. 19. The Philippines' environment minister said on Monday that she stands by her decision to shut more than half the country's operating mines ahead of a meeting to review the move. Looking ahead to events on Tuesday brings revised U.S. growth figures for the last quarter of 2016. 

Measures of China's manufacturing and service sector activity are due Wednesday, along with the expiration of the LME's March options contract. In economic news, the Commerce Department released a report showing a rebound in durable goods orders in the month of January. The report said durable goods orders jumped by 1.8 percent in January after falling by a revised 0.8 percent in December. A separate report from the National Association of Realtors unexpectedly showed a steep drop in pending home sales in the month of January.

NAR said its pending home sales index tumbled by 2.8 percent to 106.4 in January after climbing by 0.8 percent to a revised 109.5 in December. In the week ahead, global financial markets will focus on U.S. President Donald Trump's address to Congress on Tuesday for further details on his promises of tax reform, deregulation and infrastructure spending. This week is also peppered with a handful of Fed appearances, most importantly Fed Chair Janet Yellen on Friday. 

Investors will also be watching a revised reading of fourth-quarter U.S. growth to gauge the strength of the economy. Private sector survey data from the UK and euro zone inflation data will also be in focus. Technically market is getting support at 725.9 and below same could see a test of 717.7 level, and resistance is now likely to be seen at 739, a move above could see prices testing 743.9 .

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Suhani Verma

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