Nickel On MCX Settled Up 1.18% At 617.6


Nickel on MCX settled up 1.18% at 617.6 gained as support seen since Philippine Environment Secretary Regina Lopez said she would ban open-pit mining. "Each open pit is a financial liability for government for life," Lopez told a media briefing. "It kills the economic potential of the place." Lopez in February ordered the permanent closure of 22 of 41 mines in the world's top nickel ore supplier for environmental breaches. Support also seen after the report from the International Nickel Study Group (INSG) which said that Global demand for nickel is expected to increase to 2.11 million tonnes in 2017 versus 2.03 million in 2016. At the same time, global output of nickel is expected to increase to 2.07 million tonnes in 2017 versus 1.99 million tonnes in 2016, the Lisbon-based group said.

China's factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered, a private survey showed on Tuesday. The findings echoed those in official manufacturing and service sector data on Sunday, reinforcing views that China's economic growth remains solid but is starting to moderate after a surprisingly strong start to the year. In the week ahead, markets will be paying close attention to Friday’s U.S. nonfarm payrolls report as well as Wednesday’s policy statement by the Federal Reserve. The euro zone is to release data on first quarter growth and the UK is to publish survey data that will further show the economic impact of last year’s Brexit vote. Technically now Nickel is getting support at 612.2 and below same could see a test of 606.9 level, And resistance is now likely to be seen at 620.9, a move above could see prices testing 624.3. 
 
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Suhani Verma

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