Nickel On MCX Settled Flat At 581.10 Tracking

Nickel on MCX settled flat at 581.10 tracking LME nickel which cut 1 percent gains tracking a retracement in China steel. 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. Prices in yesterday’s session recovered from the day's low after a solid U.S. jobs report buoyed hopes that an economic recovery is taking root in the world's top economy, spurring appetite for riskier assets.

Also the data followed expansion in China's manufacturing sector in June, which also underpinned investor demand for metals. LME nickel rallied 1 percent, recovering from a steep fall the previous session when prices hit a two-week low. Nickel has been trending down on expectations Indonesia and Malaysia will step up ore shipments.

Meanwhile the U.S. economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets, the U.S. Federal Reserve said on Friday. While China's economy will maintain steady and improving momentum in the second half of this year, but it still faces many difficulties, state radio quoted Premier Li Keqiang as saying on Friday.

China's producer price index (PPI) rose 5.5 percent in June from a year earlier, the National Bureau of Statistics (NBS) said on Monday. Technically market is under fresh buying as market has witnessed gain in open interest by 0.15% to settled at 31886 while prices up 0.3 rupees, now Nickel is getting support at 574.8 and below same could see a test of 568.4 level, And resistance is now likely to be seen at 585.8, a move above could see prices testing 590.4.

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Suhani Verma

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