MCX Nickel likely to move in a range of 1110.3-1176.1

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Technically Nickel market is under short covering as market has witnessed drop in by 3.82% to settled at 10649 while prices up 6.7 rupees.

Now MCX Nickel is getting support at 1124.5 and below same could see a test of 1110.3 level, and resistance is now likely to be seen at 1157.4, a move above could see prices testing 1176.1.

Nickel on MCX settled up 0.59% at 1138.6 on fears major producer would bring forward an export ban of ore.US retail sales rose in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help ease ? fears that the world?s largest economy was heading into recession.

The ? top exporter of high-grade nickel ore is expected to shut its mining operations soon as ore deposits are nearly depleted,  produced 801,000 tonnes of refined copper in July, up 4.8% year-on-year, while alumina output was up 2.9% in the same period to 6.22 million tonnes, official data showed.

Inventories of refined nickel in the Shanghai bonded areas held stable this week, as wider import losses and the end of concentrated arrivals deterred flows into or out of bonded warehouses. Data showed that stocks remained unchanged from a week ago, at 21,800 mt as of Friday August 16, after four consecutive weekly increases. Imported losses widened to an average of 7,000 yuan/mt this week.

Most of the forward cargoes that were ordered when the arbitrage window was open arrived at Chinese ports during the second half of July to the start of August. Consumer sentiment in the U.S. has seen a significant deterioration in the month of August, according to a preliminary report released by the University of Michigan. The report said the consumer sentiment index tumbled to 92.1 in August after inching up to 98.4 in July.

Trading Ideas:
–Nickel trading range for the day is 1110.3-1176.1.
–Nickel prices gained on fears major producer Indonesia would bring forward an export ban of ore.US retail sales rose in July.
–The Philippines? top exporter of high-grade nickel ore is expected to shut its mining operations soon as ore deposits are nearly depleted.
–Consumer sentiment in the U.S. has seen a significant deterioration in the month of August, according to a preliminary report released by the University of Michigan.

Courtesy: Kedia Commodities

Source: Commodityonline.com