Nickel On MCX Settled Down -2.48%

Nickel on MCX settled down -2.48% at 589.80 tracking weakness from LME Nickel which was particularly hard hit, falling by 1.7 percent and 2.3 percent in Shanghai, dragged down by losses in steel and after China trade data showed a surge in ore imports from the Philippines.

Sentiments further dropped after Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. Meanwhile 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.

While a 4,128-tonne rise in on-warrant nickel at LME-registered warehouses to 269,808 tonnes helped drive prices down by signalling good supply. Now in the week ahead, investors after Wednesday’s Federal Reserve meeting minutes will be looking at revised data on U.S. first quarter growth and private sector survey data out of the euro zone will also be in focus.

Technically market is under fresh selling as market has witnessed gain in open interest by 2.68% to settled at 33601 while prices down -15 rupees, now Nickel is getting support at 584 and below same could see a test of 578.3 level, And resistance is now likely to be seen at 597.8, a move above could see prices testing 605.9. 

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Suhani Verma

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