Nickel On MCX Settled Down

Nickel on MCX settled down -1.18% at 664 tracking other base metals on jitters that Beijing would set down tougher measures to cool its housing sector, although trade was thin as markets digested the results of a meeting of G20 financial leaders. The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas, a report from the International Nickel Study Group showed.

In the latest twist to Duterte's ongoing battle with his country's miners, the bombastic and populist leader accused them of funding efforts to destabilise his government, and mooted a total ban on mining. China's red-hot property market picked up pace in February after price gains had slowed in the previous four months, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand. 

Chinese Premier Li Keqiang said the country would further open its services, manufacturing and mining sectors to the outside world, the official Xinhua news agency reported on Tuesday, even as foreign enterprises struggle with protectionist policies. The Federal Reserve is on track to raise interest rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, a Fed rate-setter said. 

Technically market is under fresh selling as market has witnessed gain in open interest by 4.64% to settled at 24489 while prices down -7.9 rupees, now Nickel is getting support at 659.4 and below same could see a test of 654.8 level, And resistance is now likely to be seen at 669.7, a move above could see prices testing 675.4.

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Suhani Verma

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