Nickel On MCX Settled Down -2.52% At 580


Nickel on MCX settled down -2.52% at 580 tracking LME Nickel which slipped after Regina Lopez, the Philippine Environment Secretary, was removed from power following her anti-mining campaign. Lopez had spearheaded a crackdown on nickel mines in the Philippines and with her removal traders expect suspended nickel mines to reopen. The month-long decline in nickel prices looked to have ended in late April, helped by cutbacks at NPI plants in China. But the recovery proved short lived with sentiment knocked most recently by news that Philippines lawmakers had rejected the appointment of Regina Lopez as environment minister. This raises the prospect of higher shipments from the world’s top mining nation.

In the meantime, Indonesian shipments are already picking up after a relaxation of the government’s ore export ban and demand currently offers no chink of light for this market. The base metals have been under pressure recently, and on Wednesday the complex saw a big sell-off. Although they have steadied today they failed to gain any significant support from the US Federal Reserve’s statement that the US economy’s Q1 weakness was “Transitory”. Instead, the metals remain pressured by the recent batch of negative Chinese economic data which is denting future demand expectations. Technically market is under fresh selling as market has witnessed gain in open interest by 1.82% to settled at 38884 while prices down -15 rupees, now Nickel is getting support at 573.6 and below same could see a test of 567.2 level, And resistance is now likely to be seen at 591.3, a move above could see prices testing 602.6. 
 
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Suhani Verma

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