Nickel On MCX Settled Down -1.39% At 596.40

Nickel on MCX settled down -1.39% at 596.40 on a weak stainless steel sector and as more Indonesian NPI production capacity has been brought online. While support look to be seen in today session after the statements from Royal Nickel Corp president and CEO Mark Selby said nickel market is being underestimated and more opportunities could lie in nickel rather than zinc. Also the global market for refined nickel deepened its deficit to 4,400 tonnes in February from a deficit of 1,100 tonnes in January, data from the International Nickel Study Group showed.

While refined nickel consumption of 169,000 tonnes outstripped refined production of 164,600 tonnes during February, report said. The first two months of the year showed a combined deficit of 5,500 tonnes compared to a surplus of 9,400 tonnes in the same period last year. Now in the week ahead, political developments in France are likely to set the tone ahead of Thursday’s European Central Bank meeting and Friday’s euro zone inflation data. Investors will also be focusing on North Korea stoked geopolitical tensions, after the Kim Jong-un led nation said on Sunday that it was ready to sink a U.S. aircraft carrier, as two Japanese navy ships joined a U.S. carrier group in the western Pacific.

Elsewhere, investors look ahead to details on President Donald Trump’s tax reform plan. President Donald Trump said Friday, he will unveil a tax plan on "Wednesday or shortly thereafter" that includes a “massive tax cut” for individuals and businesses. Technically market is under long liquidation as market has witnessed drop in open interest by -4.17% to settled at 34421, now Nickel is getting support at 592.9 and below same could see a test of 589.3 level, And resistance is now likely to be seen at 602.3, a move above could see prices testing 608.1. 
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Suhani Verma

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