Nickel On MCX Settled Up 1.53% At 576.6

Nickel on MCX settled up 1.53% at 576.6 helped by better Chinese trade data that showed imports and exports picked up in May. China’s refined nickel output was about 12,500 tonnes in May. In May, nickel production at Jinchuan Group was down by about 3 per cent on a monthly basis due to one day less in May’s fiscal month compared with April’s. Production at other smelters was low amid sluggish prices.

Nickel production at major domestic smelters to hold largely stable in June, with output expected at 12,300-12,900 tonnes. The global nickel market deficit is expected to narrow amid increased supply and reduced demand, resulting in lower nickel prices than previously anticipated, according to BMI Research.

China's exports increased more-than-expected in May on robust foreign demand, but a double-digit expansion in imports weighed on the trade balance. In dollar terms, exports advanced 8.7 percent year-on-year in May, the General Administration of Customs said.

China's inflation accelerated to a four-month high in May, while producer prices grew at the slowest pace seen so far this year due to weak commodity prices. Inflation rose to 1.5 percent in May, in line with expectations, from 1.2 percent in April, data from the National Bureau of Statistics showed.

This was the fastest since January, when prices climbed 2.5 percent. Inflation was well below the government's target of around 3 percent for the whole year of 2017. Technically market is under short covering as market has witnessed drop in open interest by -7.32% to settled at 43982 while prices up 8.7 rupees, now Nickel is getting support at 568.8 and below same could see a test of 561.1 level, And resistance is now likely to be seen at 581.4, a move above could see prices testing 586.3.

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Suhani Verma

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