MCX Nickel under fresh buying; Support seen at 831.2

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Technically Nickel market is under fresh buying as market has witnessed gain in by 1.17% to settled at 11799 while prices up 7.1 rupees.

Now MCX Nickel is getting support at 831.2 and below same could see a of 822.2 level, And resistance is now likely to be seen at 846.1, a move above could see prices testing 852.

Nickel on MCX settled up 0.85% at 840.3 as prices recovered after U.S. President Donald Trump insisted that trade talks with China had not collapsed. President Donald Trump said he was optimistic about resolving the U.S. trade dispute with China.

Speaking at a White House dinner, Trump noted that Treasury Secretary Steven Mnuchin, who was attending the event, returned from trade talks in China two weeks ago. The yuan slid as the trade war between the US and China escalated, with both countries raising tariffs on the others goods.

China will impose higher tariffs on $60 billion worth of US goods, the said on Monday, after the US announced a tariff hike on $200 billion of Chinese products on Friday.

Boston President Eric Rosengren tried to calm fears over the escalation in the US-China trade dispute, but acknowledged that “the longer it goes on, the more uncertain it becomes”.Rosengren said the Fed would monitor the situation. “If it’ only for a few weeks, it is not going to have its much impact at all,” he said.

Global demand for nickel is expected to increase to 2.46 million tonnes in 2019 versus 2.33 million in 2018, the International Nickel Study Group (INSG) said. At the same time, global output of nickel is expected to rise to 2.38 million tonnes in 2019 compared with 2.18 million tonnes in 2018, the Lisbon-based group said.       

Trading Ideas:
–Nickel trading range for the day is 822.2-852.
–Nickel gained as prices recovered after U.S. President Donald Trump insisted that trade talks with China had not collapsed.
–President Donald Trump said he was optimistic about resolving the U.S. trade dispute with China.
–Global demand for nickel is expected to increase to 2.46 million tonnes in 2019 versus 2.33 million in 2018, the International Nickel Study Group said.

Courtesy: Kedia Commodities

Source: Commodityonline.com