Nickel On MCX Settled Up 0.45% At 607.6

Nickel on MCX settled up 0.45% at 607.6 on short covering tracking LME prices closing up 0.3% at $9,340, after touching $9,305, its lowest since June, on Tuesday. 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. Refined nickel consumption of 169,000 tonnes outstripped refined production of 164,600 tonnes during February, it 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. The Federal Reserve's Beige Book observed all twelve Fed districts were equally split between modest and moderate economic growth in the past few months. On the labor market, "a larger number of firms mentioned high turnover rates and more difficulty retaining workers."

Modest wage pressures broadened during the most recent survey period. The International Monetary Fund raised global growth forecasts for this year, including those for several leading economies, saying that economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade.

The world economy is set to grow 3.5 percent this year after 3.1 percent expansion in 2016, the Washington-based lender said in its latest World Economic Outlook report. The forecast was raised from 3.4 percent predicted in October. The projection for next year was left unchanged at 3.6 percent. Technically market is under short covering as market has witnessed drop in open interest by -3.76% to settled at 36296 while prices up 2.7 rupees, now Nickel is getting support at 601.5 and below same could see a test of 595.3 level, And resistance is now likely to be seen at 614.7, a move above could see prices testing 621.7.            
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Suhani Verma

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