Nickel On MCX Settled Down -3.09% At 595


Nickel on MCX settled down -3.09% at 595 tracking weakness from LME Nickel prices which fell sharply by 2.5 per cent to a low of $9,260 a tonne, just above the 10-month low of $9,185 hit last month following the decision by parliament in the Philippines to reject the appointment of an environment minister who has been tough on miners in the country, the world’s largest producer of the metal. The Philippine parliament on Tuesday rejected the appointment of Regina Lopez as environment minister, which could mean she will have to give up her office. Ms Lopez is the third minister to be rejected this year under the leadership of President Rodrigo Duterte. Last year Ms Lopez ordered an audit of the country’s nickel mines. She had wanted to close or suspend mines producing around 8.7 per cent of world supply on environmental grounds. Environment groups expressed outrage, arguing Lopez's rejection showed Duterte had misled with his pledges to lead a government for ordinary Filipinos rather than the elite.

"The rejection demonstrates the continued control of powerful destructive industries such as mining in the country's legislative houses, and the reform promised to Filipinos is a sham," the Green Thumb coalition, grouping dozens of environment groups, said in a statement. "It clearly shows where the heart of the Duterte administration is, and clearly it is manifested with big and powerful mining companies." Duterte is popular among many Filipinos for his man-of-the-people image and he frequently rants against business titans. Now technically market is getting support at 588.6 and below same could see a test of 582.1 level, And resistance is now likely to be seen at 607, a move above could see prices testing 618.9. 
 
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Suhani Verma

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