Nickel On MCX Settled Up 0.55%

Nickel on MCX settled up 0.55% at 569.40 recovering from yesterday’s one-year low as base metals Investors are awaiting the statement from the Federal Reserve late after the conclusion of its two-day meeting for further direction for the markets. 

Yesterday the Federal Reserve raised interest rates on Wednesday 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.

While China's economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months. Also Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, data released on Wednesday showed, in fresh signs of healthy growth of the bloc's economy.

Also a rise in Chinese iron ore and steel prices helped push stainless steel ingredient nickel up 1.6 percent to $8,940 a tonne, after it fell on Tuesday to $8,680, its lowest since June 2016. Nickel is starting to see interest from fund investors. 

Now technically market is under short covering as market has witnessed drop in open interest by -3.67% to settled at 43199 while prices up 3.1 rupees, now Nickel is getting support at 565 and below same could see a test of 560.5 level, And resistance is now likely to be seen at 573.2, a move above could see prices testing 576.9.

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Suhani Verma

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