Nickel On MCX Settled Up 0.23%

Nickel on MCX settled up 0.23% at 574.7 as support seen after LME Nickel rose 1.2 percent to $8,960 amid rise in steel prices. Nickel prices touched its lowest since June 2016 but is set to end the week barely changed. Chinese steel futures rose sharply for a third straight session, supported by government efforts to tackle a glut, even as the outlook for demand in the world's top steel consumer may not be too promising, particularly from its property sector.

China’s housing market is cooling down following a series of restrictive policy, and such condition is expected to be continuing during the rest of the year. Data showed China's economy generally remained on a solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in the coming months.

The number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labour market slack that could allow the Fed to raise interest rates again this year despite moderate inflation growth. The Federal Reserve raised interest rates for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.

Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, on Wednesday showed, in fresh signs of healthy growth of the bloc's economy. Technically now Nickel is getting support at 572.7 and below same could see a test of 570.7 level, And resistance is now likely to be seen at 577.7, a move above could see prices testing 580.7.

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Suhani Verma

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