MCX Nickel likely to move in a range of 907.4-923.8

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Technically MCX Nickel is getting support at 911.4 and below same could see a of 907.4 levels, and resistance is now likely to be seen at 919.6, a move above could see prices testing 923.8.

Nickel settled flat paring gains on profit booking after prices gained the US dollar slid on US Chairman’s comments about potential interest rate cuts.  nickel prices increased the most among price points in the index, up by 6.8% month over month.

After ’s trend toward higher prices, the price dropped around 1, then surged again and is essentially moving sideways at this time. In June, rainy weather brought widespread flooding to Indonesia’s nickel hub on Sulawesi island.

Estimates indicate a production shortfall of between 50,000-100,000 tons of nickel ore as a result, according to Indonesia’s Nickel Miners Association in press reports. According to the latest numbers published by the International Nickel Study Group (INSG), as reported, the supply deficit for the refined nickel market came in at 27,000 tons for the first four months of the year, down from 59,000 tons during the same period in 2018.The most recent INSG projections indicate the supply gap will close during the second half of 2019.

produced 13,633 tonnes of refined nickel in June, down 259 tonnes, or 1.9%, from May due to maintenance at top producer Jinchuan Group, according to Antaike, the research arm of the Nonferrous Metals Industry Association.However, the figure was up 17.9% year-on-year as Jinchuan, which accounted for 12,000 tonnes of the total output, managed to reduce the turnaround time for its planned June maintenance to 15 days, Antaike said.   

Trading Ideas:
–Nickel trading range for the day is 907.4-923.8.
–Nickel settled flat paring gains on profit booking after prices gained the US dollar slid on US Federal Reserve Chairman’s comments about potential interest rate cuts.
–The supply deficit for the refined nickel market came in at 27,000 tons for the first four months of the year, down from 59,000 tons, ICSG said.
–China produced 13,633 tonnes of refined nickel in June, down 259 tonnes, or 1.9%, from May due to maintenance at top producer Jinchuan Group.

Courtesy: Kedia Commodities

Source: Commodityonline.com