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Wednesday, December 8, 2021

MCX Nickel likely to move in a range of 899.1-965.5 levels

MCX Gold under fresh buying; Support seen at 31380

MCX Silver may trade between 38471-39761 levels

MCX Crude Oil under fresh buying; Resistance seen at 5601

MCX Natural Gas under long liquidation; Support seen at 229.5

MCX Copper under fresh selling; Resistance seen at 460.2

Technically MCX Nickel is getting support at 919.7 and below same could see a test of 899.1 level, And resistance is now likely to be seen at 952.9, a move above could see prices testing 965.5.

Nickel on MCX settled up 1.53% at 940.2 tracking LME prices closing 1 percent higher at $12,620 a tonne as the dollar softened after data showed U.S. job growth slowed more than expected last month.

The data indicated the labor market remains tight, though investors remained cautious in drawing firm conclusions on the state of the economy or path for interest-rate hikes since the figures were influenced by the hurricane that hit the Southeast.

President Donald Trump’s tax cuts are boosting employment, yet growth in worker pay remains relatively tepid at a time inflation is rising and the trade war with China poses risks. Production at BHP Billiton’s Kalgoorlie nickel smelter restarted after a fire last month.

There was a fire at the BHP Nickel West Kalgoorlie Smelter on 23 September 2018 in the furnace building. Global demand for nickel is expected to increase to 2.42 million tonnes in 2019 versus a projection of 2.35 million in 2018, the International Nickel Study Group (INSG) said.

At the same time, global output of nickel is expected to increase to 2.39 million tonnes in 2019 compared with an estimated 2.20 million tonnes in 2018, the group said.

The central bank pledged at its quarterly monetary policy meeting to use multiple policy tools to keep liquidity fairly ample, and guide reasonable growth in money supply, credit and total social financing.

It has cut the reserve requirement ratios (RRR) for the third time this year, vowing to support small-and-medium-sized enterprises who have become collateral damage of Beijing’s forceful debt crackdown.

Trading Ideas:
–Nickel trading range for the day is 899.1-965.5.
–Nickel settled up LME prices closing 1 percent higher at $12,620 as dollar softened after data showed U.S. job growth slowed.
–Production at BHP Billiton’s Kalgoorlie nickel smelter restarted after a fire last month.
–Global output of nickel is expected to increase to 2.39 million tonnes in 2019 compared with an estimated 2.20 million tonnes in 2018, the INSG said.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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