Nickel On MCX Settled Down -0.12%

Nickel on MCX settled down -0.12% at 604.80 erasing some of the prior session’s losses as nervousness permeated the markets following the suicide bombing in Manchester. On Monday, nickel prices rose to a two-week high, boosted by China’s regional crackdown on the steel industry. Nickel prices have oscillated in the last few weeks; with prices first falling after Regina Lopez was ousted as acting environment minister of the Philippines.

Ms. Lopez spearheaded a major crackdown on Philippine mines and suspended the licenses of those found to be violating environmental regulations. However; miners said the inspection process was flawed and biased. Her rejection has paved the way for these suspensions to be lifted. The Philippines is the world’s top nickel ore supplier. Nickel prices tracked higher when the mining inspections started.

The gained more strength once they were implemented, but prices started to pull back when it seemed likely that Lopez wouldn’t be confirmed. Once Lopez lost the position, nickel prices traded with a downside bias. But, China’s latest crackdown on the steel industry aided the upside. Investors look ahead to the release of the Federal Reserve’s minutes for its April meeting on Wednesday, to gauge whether the Fed’s outlook concerning monetary policy has been impacted by recent economic data and geopolitical developments.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.88% to settled at 32724 while prices down -0.7 rupees, now Nickel is getting support at 600 and below same could see a test of 595.1 level, And resistance is now likely to be seen at 608.9, a move above could see prices testing 612.9.

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Suhani Verma

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