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Saturday, May 21, 2022

MCX Nickel under fresh buying; Resistance seen at 957.3

Natural Gas market under short covering; Support seen at 204.7

Crude Oil market under short covering; Support seen at 4565

MCX Zinc under short covering; Support seen at 162.1

MCX Aluminium likely to move in a range of 139.8-144

MCX Mentha Oil under long liquidation; Resistance seen at 1666.2

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 9.59% to settled at 6399 while prices up 14.2 rupees.

Now MCX Nickel is getting support at 929.1 and below same could see a test of 911.7 level, And resistance is now likely to be seen at 957.3, a move above could see prices testing 968.1.

Nickel on MCX settled up 1.52% at 946.6 as market sentiment improved on news that Beijing and Washington will resume trade talks later this month. The Shandong government has kicked off a fresh round of environmental probes across the province in the week. It remains unknown when the probes would come to an end.

However, steel mills and nickel pig iron (NPI) mills across the region have yet to receive any impact from this move. Indonesian government temporarily revoked nickel ore and bauxite export permits of four companies citing zero progress in smelter development, energy ministry data showed.

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. Stainless steel production has been booming.

Global output rose by 5.8 percent last year and accelerated by another 9.5 percent in the first quarter of 2018, according to the International Stainless Steel Forum. The International Nickel Study Group (INSG) estimates that global first-use nickel usage jumped by 7.8 percent last year and by another 9.7 percent in the first five months of this year.

Data showed another 384 tonnes of nickel being loaded out of exchange warehouses. LME inventory has fallen for eleven consecutive months. At a current 248,328 tonnes, stocks are at levels last seen in late 2013. Stocks of nickel held by the Shanghai Futures Exchange (ShFE) are in danger of disappearing altogether.

Trading Ideas:
–Nickel trading range for the day is 911.7-968.1.
–Nickel ended with gains as market sentiment improved on news that Beijing and Washington will resume trade talks later this month.
–The Shandong government has kicked off a fresh round of environmental probes across the province in the week.
–Indonesian government temporarily revoked nickel ore and bauxite export permits of four companies citing zero progress in smelter development.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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