Nickel On MCX Settled Up 3.57%

Nickel on MCX settled up 3.57% at 612.6 as support seen after LME nickel ended 4 percent higher at $9,580, its strongest daily percentage gain since November helped by encouraging economic reports from top consumer China and as weak U.S. consumer prices and retail sales data dimmed chances of another rate rise this year. Philippine President Rodrigo Duterte promised to resolve an impasse caused by a ministerial order to close more than 20 mines in the world's top source of nickel ore, but told miners to end practices that damaged the environment.

China's fiscal spending jumped 19.1 percent in June from a year earlier, quickening sharply from a 9.2 percent rise in May and signaling government efforts to cushion a gradual slowdown in the world's second-largest economy. China posted stronger-than-expected June trade figures, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year.

South Korea bought 150 tonnes of nickel for September arrival via a tender that closed, state-run Public Procurement Service said. US data showed the rate of inflation over the past 12 months slowed to 1.6% in June from 1.9% in the prior month, and it is down from a five-year high of 2.7% just five months ago. In a separate report the Depart of Commerce said retail sales dipped by 0.2% in June, missing forecasts of a 0.2% increase.

Technically market is under short covering as market has witnessed drop in open interest by -6.19% to settled at 27491 while prices up 21.1 rupees, now Nickel is getting support at 598.8 and below same could see a test of 584.9 level, And resistance is now likely to be seen at 620.7, a move above could see prices testing 628.7.

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Suhani Verma

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