Nickel On MCX Settled Up 0.65%

Nickel on MCX settled up 0.65% at 607 as support seen due to better than expected factory growth in top metals consumer China. China's factories grew at the quickest pace in three months in June, buoyed by strong new orders in a sign of stabilising growth, though a further slowdown in the world's second-biggest economy is inevitable as Beijing cracks down on debt risks. 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. Second, it is still a buyer’s market in China’s nickel ore market, and meanwhile, offers of Indonesian ore are relatively higher, with no price advantages.

Philippine nickel ore will continue to dominate market supply in 2017, and the appearance of Indonesian ore will not change the supply pattern over the year. Technically market is under fresh buying as market has witnessed gain in open interest by 48.66% to settled at 28605, now Nickel is getting support at 603.4 and below same could see a test of 599.8 level, And resistance is now likely to be seen at 609.3, a move above could see prices testing 611.6.

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Suhani Verma

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