Nickel On MCX Settled Down -0.16%

Nickel on MCX settled down -0.16% at 567.9 as prices remained under pressure despite as better than expected Chinese economic data allayed some concerns about supply. Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore pushes prices to one-year lows, with analysts seeing little prospect of recovery. China’s refined nickel output was about 12,500 tonnes in May, according to data.

In May, nickel production at Jinchuan Group was down by about 3 per cent on a monthly basis due to one day less in May’s fiscal month compared with April’s. Production at other smelters was low amid sluggish prices. Nickel production at major domestic smelters to hold largely stable in June, with output expected at 12,300-12,900 tonnes. From data point China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market.

Traders are caution uncertainty from Euro Zone as yesterday Sterling sank after British elections seemed to have left no single party with a clear claim to power, sideswiping investors who had already weathered major risk events in the United States and Europe. Technically market is under fresh selling as market has witnessed gain in open interest by 2.53% to settled at 47457 while prices down -0.9 rupees, now Nickel is getting support at 564.3 and below same could see a test of 560.8 level, And resistance is now likely to be seen at 572.5, a move above could see prices testing 577.2.

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Suhani Verma

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