Nickel On MCX Settled Down -2.13% At 638.1

Nickel on MCX settled down -2.13% at 638.1 as the two biggest nickel miners in the Philippines, said prices for the metal would be robust this year due to growing demand from China. However downside seen limited as powerful cyclone that hit New Caledonia and shuttered nickel operations has moved offshore. Forecasts from the likes of the World Bank show prices could average around $11,000 in 2017 that would compare to around $9,500 last year. 

San Francisco Federal Reserve Bank President John Williams said on Tuesday the U.S. central bank should raise interest rates three or four times this year, and begin to trim the Fed's multitrillion-dollar balance sheet in late 2017. At least 12 major Chinese cities are requiring newly bought homes to be held for at least two to three years before they can be sold, the first time that cities in the country are taking such measures and suggesting intensified government efforts to cool the red-hot property market. China's producer price inflation cooled for the first time in seven months in March as iron ore and coal prices tumbled, pressured by fears that domestic demand is not strong enough to absorb surging supplies of steel. With nickel an important component of steel products, regulations on the steel industry will, in turn, affect nickel prices. 

The US has already enforced a number of tariffs on Chinese steel imports, a development that China is not happy about. Technically market is under fresh selling as market has witnessed gain in open interest by 17.31% to settled at 32029 while prices down -13.9 rupees, now Nickel is getting support at 627.6 and below same could see a test of 617.2 level, And resistance is now likely to be seen at 653, a move above could see prices testing 668.

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Suhani Verma

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