Nickel On MCX Settled Up 1.05% At 578.20

Nickel on MCX settled up 1.05% at 578.20 in response to a retreat in the U.S. dollar from its recent peaks. Sentiments where supportive despite news earlier in the week that about a dozen Indonesian nickel smelters had stopped operations because of a plunge in prices. Traders are eyeing on fresh development on nickel market as global deficit of refined nickel narrowed in April after a jump in refined metal output from Indonesia and China, data from the International Nickel Study Group showed on Thursday.

Global refined nickel production grew by 2.5 percent in April from the month before to 169,900 tonnes, while demand moderated slightly to 173,100 tonnes. That left the market with a 3,200 tonne deficit, down from a revised 8,200 tonne deficit in March. Refined nickel production in March was revised down sharply to 165,700 tonnes from 173,100 tonnes previously.

Global nickel mine production recovered by 10.9 percent to 174,400 tonnes in April from a revised 157,300 tonnes in March, mostly due to rising production in Indonesia which almost doubled. Indonesia's mines have ramped up this year after the key global supplier introduced new rules to allow some ore exports in a sweeping policy shift after banning ore exports in 2014.

For the first four months of the year, Indonesian mined nickel supply nearly doubled to 96,200 tonnes, boosting primary production in both Indonesia and China. Technically market is under short covering as market has witnessed drop in open interest by -5.15% to settled at 39003 while prices up 6 rupees, now Nickel is getting support at 572.7 and below same could see a test of 567.3 level, And resistance is now likely to be seen at 582, a move above could see prices testing 585.9.

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Suhani Verma

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