Nickel On MCX Settled Down -1.32%

Nickel on MCX settled down -1.32% at 582 tracking weakness from LME nickel which facing a 3 percent weekly loss, after trade data this week showed that the Philippines is ramping up ore exports to China, fuelling concerns of oversupply. Also pressure seen as Moody’s Investors Services has cut China’s debt rating to A1 from Aa3 – the first cut since 1989.

Also sentiments also dropped after the nesw this week that BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia, which is facing a shortfall in ore supply. Nickel West, which produces about 5 percent of the world's nickel metal, has lodged an application with the Environmental Protection Authority of Western Australia to clear 842 hectares (2,080 acres) for two open pit mines, according to the authority's website. 

In economic news, A report released by the Labor Department on Thursday showed a slight uptick in first-time claims for U.S. unemployment benefits in the week ended May 20th. The report said initial jobless claims inched up to 234,000, an increase of 1,000 from the previous week's revised level of 233,000.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.44% to settled at 33454 while prices down -7.8 rupees, now Nickel is getting support at 578.5 and below same could see a test of 575.1 level, And resistance is now likely to be seen at 588.4, a move above could see prices testing 594.9.

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Suhani Verma

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