15.6 C
New York
Tuesday, May 24, 2022

Nickel market under long liquidation; Support seen at 916.6

MCX Aluminium may trade between 140.6-144.4 levels

MCX Zinc may trade in a range between 161.9-173.1

MCX Copper may trade between 395.2-420.2 levels

Natural Gas market under long liquidation; Support seen at 202.4

MCX Crude Oil under long liquidation; Support seen at 4516

Technically Nickel market is under long liquidation as market has witnessed drop in open interest by 7.16% to settled at 5839 while prices down 4.3 rupees.

Now MCX Nickel is getting support at 916.6 and below same could see a test of 900.8 levels and resistance is now likely to be seen at 946.6, a move above could see prices testing 960.8.

Nickel on MCX settled down 0.46% at 932.40 recovered from the day’s low tracking weak LME Nickel which jumped 2.5 percent from a six-month low at the previous close bounced back from a broad sell-off in the previous session, while the Shanghai complex pared early losses on news of fresh U.S.-China trade talks.

A Chinese delegation led by Vice Commerce Minister Wang Shouwen will travel to the United States for talks in late August, China’s Ministry of Commerce said. The two countries have imposed tariffs on billions on dollars of each other’s goods in a tit-for-tat trade row that has weighed on metals prices amid concerns it could hurt demand.

Meanwhile while support also seen as Indonesian government temporarily revoked nickel ore and bauxite export permits of four companies citing zero progress in smelter development, energy ministry data showed on Thursday.

Export permits for a combined 4,222,119 tonnes of nickel ore were revoked from PT Surya Saga Utama, PT Modern Cahaya Makmur and PT Integra Mining Nusantara, the data showed. The government also temporarily revoked permit for PT Lobindo Nusa Persada to export 1.5 million tonnes of bauxite.

Indonesian government grants mineral ore export permits to companies which are building smelters and review the constructions every six months. Now a day ahead key things to watch today include US consumer sentiment in August surveyed by the University of Michigan and the eurozone’s consumer price inflation in July.

Trading Ideas:
–Nickel trading range for the day is 900.8-960.8.
–Nickel dropped as investors remain concerned over a slowdown in the economy of top metals consumer China.
–Fixed-asset investment expanded by a below consensus 5.5 percent in January-July, a result of Beijing’s crackdown on lavish local government borrowing.
–Industrial output, which has a strong correlation with industrial metals demand growth, rising 6 percent year-on-year in July was also below forecast.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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