Nickel On MCX Settled Up 0.7% - Ways2Capital

Nickel on MCX settled up 0.7% at 573.40 on short covering while prices touched the lowest in a year this week pressured by a fall in Chinese steel prices and ahead of expected weaker Chinese data. While earlier in the day prices where under pressure after the US Fed raised rates for the second time this year, boosting financing costs for industry. Amid a mixed economic outlook in the US and slowing industrial activity in China exacerbated by the end of financial quarter, metals could come under further selling pressure.

Steel materials zinc and nickel were both up around 1 percent after capacity cuts in China drove up steel prices by 3 percent. While China's central bank left interest rates for open market operations unchanged on Thursday, shrugging off an overnight increase in the US Fed's key policy rate. From 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.

Meanwhile, market players continued to monitor political turmoil in the U.S. after the Washington Post reported that President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice. Technically market is under short covering as market has witnessed drop in open interest by -2.86% to settled at 41962 while prices up 4 rupees, now Nickel is getting support at 570 and below same could see a test of 566.6 level, And resistance is now likely to be seen at 576.3, a move above could see prices testing 579.2.

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Suhani Verma

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