Nickel On MCX Settled Up 0.96% At 799.4

Nickel on MCX settled up 0.96% at 799.4 tracking firmness in other base metals boosted by an improving demand outlook. The supply shortfall in the nickel industry signaled an ideal time to purchase large quantities of the metal. Prices have benefited in recent weeks from upbeat economic data and infrastructure plans in China and the U.S., which could help reignite demand. With imports rising and exports falling, the Commerce Department released a report showing that the U.S. trade deficit in goods widened much more than expected in October.

The report said the goods deficit widened to $62.0 billion in October from $56.5 billion in September. The deficit had been expected to widen to $59.7 billion. While the value of imports climbed by 1.1 percent to $184.1 billion, the value of exports fell by 2.7 percent to $122.1 billion. Global nickel market ended in deficit of 76,400 tonnes in January-September 2016 with apparent demand exceeding production. The calculated full year surplus had stood at 75.0 kt during the whole year 2015, according to WBMS. The statistics indicate that that reported stockpiles maintained by LME were 79.3 kt lower at the end of September this year from the closing levels of 2015.

World Nickel mine production was 1,504.1 kt in January-September 2016, lower by 107.9 kt when compared with the corresponding period during previous year. The ban on exports by Indonesian administration has led to reduced mine output from the country. Technically market is under short covering as market has witnessed drop in open interest by -13.43% to settled at 6504 while prices up 7.6 rupee, now Nickel is getting support at 784.2 and below same could see a test of 769 level, And resistance is now likely to be seen at 808.7, a move above could see prices testing 818.

For Quick Trial – 8962000225 ✔
or mail us here:
✆ - 0731-6626222 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717

Suhani Verma

  • Image
  • Image
  • Image
    Blogger Comment
    Facebook Comment