Nickel On MCX Settled Down -0.17%

Nickel on MCX settled down -0.17% at 591.40 while overall prices remained in the range and LME nickel finished up 0.1 percent at $9,215 as mostly base metals prices are for the most part looking stronger after the strong Chinese trade data, upbeat equities and generally concerted global growth, albeit slow, may well underpin firmer base metals. While data out already showed strong Chinese trade data with exports up 11.3% and imports up 17.2% in dollar terms and the country’s foreign direct investment fell less than expected – it has been either side of unchanged since March.

German consumer price index (CPI) was up 0.2%, unchanged from May and French CPI was flat, also unchanged from May. Data out later includes Bank of England credit conditions, US producer price index (PPI), initial jobless claims, natural gas storage and the Federal budget balance. In addition, Janet Yellen is testifying before the US Senate Banking Committee and US Federal Open Market Committee members Charles Evans and Lael Brainard are speaking.

The dollar index’s recent show of strength/consolidation has given way to further weakness with the index falling to a low of 95.46, the low from June 30 was 95.47. The slightly less-hawkish stance in Fed chair Janet Yellen’s testimony is no doubt partially behind the weakness as is the continuing Washington political saga.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.23% to settled at 29306 while prices down -1 rupees, now Nickel is getting support at 588 and below same could see a test of 584.6 level, And resistance is now likely to be seen at 596.3, a move above could see prices testing 601.2.

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Suhani Verma

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