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Monday, August 15, 2022

MCX Nickel may trade between 881.3-914.3 levels

MCX Aluminium likely to move in a range of 144.3-154.5

MCX Mentha Oil may trade between 1776.1-1832.5 levels

MCX Cotton under fresh buying; Support seen at 23010

MCX Cardamom under fresh buying; Resistance seen at 1478.4

NCDEX Jeera likely to move in a range of 19210-19710

Technically MCX Nickel is getting support at 891 and below same could see a test of 881.3 level, And resistance is now likely to be seen at 907.5, a move above could see prices testing 914.3.

Nickel on MCX settled up 1.36% at 900.80 as support seen on short covering as a softer U.S. currency helped support prices of industrial metals, as it makes dollar-priced commodities cheaper for holders of other currencies.

Nickel prices have been low in the past several years, it has been a fantastic time for end users and the growing use of nickel, the three-month nickel price on the London Metals Exchange stood at $12,360-12,400 per tonne on Friday, vastly down from the all-time peak at $48,695-48,700 per tonne on April 2007, but up year on year from $11,640-11,650 per tonne.

Increasing sales of EVs since 2012, in response to global subsidies for the production of EVs with a longer driving range, has resulted in accelerated nickel-containing battery output. The growth in nickel demand from the stainless steel and electrical vehicle (EV) sectors was the main topic of discussion at the Anglo American nickel seminar in Shanghai on Thursday September 6.

On the trade front, the U.S. President Donald Trump threatened on Friday that his administration would impose new tariffs on $267 billion of Chinese goods. Trump also called on Apple to move production from China to the United States to avoid suffering the consequences of his trade war with Beijing.

Trump reportedly told a columnist for The Wall Street Journal last week that he was “still bothered by the terms of U.S. trade with Japan.” Now market participants should monitor data including China’s social financing and its M2 money supply for August, the eurozone ZEW economic confidence in September, as well as the US warehouse inventories for July.

Trading Ideas:
–Nickel trading range for the day is 881.3-914.3.
–Nickel prices gained as inventories declined quickly in the spot markets.
–Indonesia’s realised nickel ore exports reached 15,059,170 tonnes from April 2017 to July 2018, a mining ministry official said.
–Nickel stocks in Shanghai bonded warehouses changed little from a week ago at 52,000 mt as of Friday September 7.

Courtesy: Kedia Commodities               

Source: Commodityonline.com

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