Nickel On MCX Settled Flat By -0.02%

Nickel on MCX settled flat by -0.02% at 606.9 after prices seen supported as data showed a recovery in China's manufacturing activity. Brazil's Vale is reassessing its loss-making New Caledonian nickel operations as part of a wider review of low performing assets after new Chief Executive Fabio Schvartsman took charge last month. A strike at the SLN nickel plant in New Caledonia has begun to hit production as the company is incurring monthly losses in excess of $US22 million.

The Philippine’s new environment secretary will oversee nickel ore producing regions in the southern Mindanao region and Palawan province next month, news reported. China imported 263,851 tonnes of nickel ore from Indonesia in May, according to China Customs, the first appearance after Indonesia’s ore export ban in early 2014. Only two companies in Indonesia have been permitted to export nickel ore by the government so far, namely Antam and Zhenshi Group’s Fajar.

Based on export quotas of approximately 3.60 million wet tonnes of the two, its proportion in China’s ore import volumes, averaging 30 million tonnes of laterite nickel ore annually. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s latest meeting for fresh cues on the timing of the next U.S. rate hike. Friday’s U.S. jobs report for June will also be closely watched

Technically market is under fresh selling as market has witnessed gain in open interest by 0.48% to settled at 28741 while prices down -0.1 rupees, now Nickel is getting support at 603.4 and below same could see a test of 599.9 level, And resistance is now likely to be seen at 611.5, a move above could see prices testing 616.1.

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Suhani Verma

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