Nickel On MCX Settled Up 1.24% At 597


Nickel on MCX settled up 1.24% at 597 on short covering as support seen from LME Nickel which rose 0.8 per cent to settled at $US9,215 a tonne helped by cutbacks at NPI plants in China. Support also seen after the new environment minister for the Philippines said it was possible to strike a balance between allowing mining and protecting natural resources, adding he wanted time to assess measures taken by his predecessor, who ordered the closure of more than half of the country's mines. The Philippines is the world's top nickel ore supplier. Meanwhile Nickel has turned out to be the worst performer this year with prices plunging to 10-month low of $8,905 following news that Philippines’ parliament rejected the appointment of stern environment minister Regina Lopez.

This comes as a major relief to the mining lobby there and has at least put the supply disruption concerns to rest for the time being. She had in January ordered the closure of 23 metal mines and the suspension of five others for various environmental violations, thereby putting roughly 10 per cent of the global Nickel supply at risk. Additionally, Philippines’ environment ministry in April allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, although the aim was to limit build up of silt in nearby waters. Technically market is under short covering and getting support at 587.4 and below same could see a test of 577.8 level, And resistance is now likely to be seen at 605.2, a move above could see prices testing 613.4. 
 
 
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Suhani Verma

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