Nickel On MCX Settled Up 0.12%

Nickel on MCX settled up 0.12% at 593.7 tracking firmness in LME prices as support seen due to weakness in dollar. The Philippine’s new environment secretary will oversee nickel ore producing regions in the southern Mindanao region and Palawan province next month. There was only one shipment in 2016 coming out of Davao region, the main part of the southern Mindanao region, and no shipments from the region had been reported as environment protection license was revoked for its near-by to the International Eagle Protection Area.

New shipments of high-grade nickel ore are expected in early July from Tawi-Tawi, the Philippines. China imported 263,851 tonnes of nickel ore from Indonesia in May, according to China Customs, the first appearance after Indonesia’s ore export ban in early 2014. Pending home sales in the U.S. unexpectedly decreased for the third consecutive month in May, according to a report released by the National Association of Realtors. NAR said its pending home sales index fell by 0.8 percent to 108.5 in May from a downwardly revised 109.4 in April.

China appointed a new environment minister who has promised a "protracted battle" to clean up the nation's notoriously polluted air, water and soil. 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.

Ztechnically market is under short covering as market has witnessed drop in open interest by -13.67% to settled at 25872 while prices up 0.7 rupees, now Nickel is getting support at 588 and below same could see a test of 582.2 level, And resistance is now likely to be seen at 598.3, a move above could see prices testing 602.8.

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Suhani Verma

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