Nickel On MCX Settled Up 2.31%

Nickel on MCX settled up 2.31% at 593 as support seen after update that Philippines minister may decide on mining closure orders next month. The nickel market is watching the Philippines where the environment minister may decide next month on the fate of dozens of mining operations and contracts that his predecessor ordered closed, suspended or cancelled. Nickel ore inventories at seven major Chinese ports fell in the week ending June 23, data showed.

China's economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead. China is capable of achieving its full-year growth target and controlling systemic risks despite challenges, Premier Li Keqiang said on Tuesday, adding that maintaining medium to high-speed long-term growth will not be easy.

China on Tuesday appointed a new environment minister who has promised a "protracted battle" to clean up the nation's notoriously polluted air, water and soil. While the Philippines will remain the world’s largest nickel producer in absolute numbers in the years to come, its global share of the market will gradually be reduced as ores are depleted and stringent environmental regulations choke new potential projects. Refined nickel production in March was revised down sharply to 165,700 tonnes from 173,100 tonnes previously.

Technically market is under short covering as market has witnessed drop in open interest by -14.03% to settled at 29970 while prices up 13.4 rupees, now Nickel is getting support at 584.6 and below same could see a test of 576.1 level, And resistance is now likely to be seen at 598.2, a move above could see prices testing 603.3.

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Suhani Verma

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