Nickel On MCX Settled Down -0.86%

Nickel on MCX settled down -0.86% at 579.6 pressured by expectations of more supply from Philippines and Indonesia. New orders for key U.S.-made capital goods fell unexpectedly in May and shipments also declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. Profits earned by China's industrial firms in May rose 16.7 percent from a year earlier, the statistics bureau said, quickening from the previous month.

Nickel ore inventories at seven major Chinese ports fell in the week ending June 23. Inventories at the seven ports were down 80,000 tonnes last week. Last week, CIF price of medium-grade nickel ore moved higher with rallying price of stainless steel and demand growth. But, it is still a buyer’s market, and nickel ore market will still come under price pressure.

Global nickel production will come out of negative territory this year for the first time since 2013, driven by Indonesia's export ban moderation, a new report shows. Along with Indonesia, Canada and Australia will lead growth output rates from until 2021, while major miners in the number one global producer, the Philippines, will benefit from the ousting of anti-mining minister Gina López from government.

While the Philippines will remain the world’s largest nickel producer in absolute numbers in the years to come, its global share of the market will gradually be reduced as ores are depleted and stringent environmental regulations choke new potential projects. Refined nickel production in March was revised down sharply to 165,700 tonnes from 173,100 tonnes previously. Technically now Nickel is getting support at 576.2 and below same could see a test of 572.9 level, And resistance is now likely to be seen at 585, a move above could see prices testing 590.5.

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Suhani Verma

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