Nickel On MCX Settled Down -0.12% At 592.3

Nickel on MCX settled down -0.12% at 592.3 as pressure seen after rise in LME stocks despite of uplift in steel amid higher profits at China's steel makers. China's manufacturing engine cranked up in June, expanding at the fastest pace in three months, as new orders and production rose in a sign of a modest recovery. US’s wholesale inventory hit a 5-year high in May, a sign of weak demand. This, combined with Lael Brainard’s dovish comment and simmering Trump-Russia collusion event, sent US dollar index down.

Nickel ore inventories at seven major Chinese ports increased slightly in the week ending June 30. Inventories at the seven ports were up 90,000 tonnes last week. In market news, PT Ceria Nugraha Indotama was permitted by Indonesia government to export 2.30 million mt of nickel ore in principle through to July 2018, becoming the third on the list of companies being approved for nickel ore exports.

Pressure had been seen since last week on expectations of plentiful supply from Indonesia and the Philippines, while industrial metals were mostly lower as investors took profits following a recent rally. Also the data followed expansion in China's manufacturing sector in June, which also underpinned investor demand for metals.

Technically market is under long liquidation as market has witnessed drop in open interest by -1.76% to settled at 29373 while prices down -0.7 rupees, now Nickel is getting support at 589.8 and below same could see a test of 587.3 level, And resistance is now likely to be seen at 596.7, a move above could see prices testing 601.1.

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Suhani Verma

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