MCX Settled Up 2% At Nickel

MCX settled up 2% at 652.20 dragged up by gains in the steel sector after a cyclone in Australia damaged transport routes for coking coal. Indonesian Mining Ministry official said the ministry has issued export recommendation to allow Antam to export 2.7 million tonnes of nickel ore. There was news that 4 Indonesian nickel ore mining firms are applying for ore export quotas, and Antam got the initial clearance for Indonesian nickel ore exports. 

But, the export quota of 2.70 million WMT is much below its application amount of 6 million WMT, raising market doubts over 2017 nickel ore shipments from Indonesia, world’s number one nickel ore supplier before its 2014 export ore ban. The U.S. trade deficit fell from a near two year high in February as slowing domestic demand weighed on imports and stronger global growth boosted exports of American goods. 

Although worried about the prospect of a trade war, American businesses operating in China nonetheless want President Donald Trump to wring some concessions on market access from China's leader Xi Jingping when the two meet this week. 

Factories across Europe and much of Asia posted another month of solid growth in March, rounding off a strong quarter for manufacturers, even though exporters fear a rise in U.S. protectionism could snuff out a global trade recovery. Technically market is under short covering as market has witnessed drop in open interest by -9.17% to settled at 29877 while prices up 12.8 rupees, now Nickel is getting support at 645.8 and below same could see a test of 639.4 level, And resistance is now likely to be seen at 655.8, a move above could see prices testing 659.4.

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Suhani Verma

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