MCX Nickel under long liquidation; Support seen at 1056.6

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Technically market is under long liquidation as market has witnessed drop in by -3.82% to settled at 12748 while prices down 0.3 rupees.

Now Nickel is getting support at 1056.6 and below same could see a test of 1048.6 level, and resistance is now likely to be seen at 1072.5, a move above could see prices testing 1080.4.

Nickel prices settled flat after Washington designated a currency manipulator in a rapid escalation of the U.S.- trade war.

BHP Group is expanding its nickel business and plans to ramp up sales for the fast-growing electric vehicle sector.Concerns about ’s export ban was rekindled by market talks that the country’s Minister of Energy and Mineral Resources (MEMR) has approved the ban on raw ore exports and that details about the decision.

This means that Indonesia, a major source of nickel ore, will likely advance its export ban from the previously scheduled 2022. Some Chinese nickel ore traders told SMM that they did hear of the market talks, but Indonesian miners such as Antam and Sambas said that they have yet to receive any notices.

Caixin purchasing managers’ index for China’s services sector edged down to 51.6 in July, from 52 in the previous month BHP’s Nickel West division will process up to 600,000 tonnes per annum of nickel sulphide at its Kalgoorlie smelter out to 2025 once Mincor restarts its operations in December.

Mincor put its mines on care and maintenance in February 2016 as world nickel prices sank to decade lows below $US8,000 a tonne. Prices have since recovered to around $US15,450 thanks to rising demand from electric and other alternate technologies such as battery storage.

Trading Ideas:
–Nickel trading range for the day is 1048.6-1080.4.
–Nickel prices settled flat after Washington designated Beijing a currency manipulator in a rapid escalation of the U.S.-China trade war.
–Indonesia’s export ban was rekindled by market talks that the country’s (MEMR) has approved the ban on raw ore exports and that details about the decision.
–BHP Group is expanding its nickel business and plans to ramp up sales for the fast-growing electric vehicle sector.

Courtesy: Kedia Commodities

Source: Commodityonline.com