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Tuesday, May 24, 2022

MCX Nickel under short covering; Resistance seen at 771.4

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MCX Aluminium likely to move in a range of 134-136.4

MCX Mentha Oil under long liquidation

MCX Crude Oil may trade in range between 3398-3766

Silver market under long liquidation; Support seen at 35442

Technically Nickel market is under short covering as market has witnessed drop in open interest by 26.05% to settled at 9489.

Now MCX Nickel is getting support at 754 and below same could see a test of 743.6 level, And resistance is now likely to be seen at 771.4, a move above could see prices testing 778.4.

Nickel on MCX settled up 0.69% at 764.30 rebounding, partly due to oversold conditions also support seen as LME Nickel climbed 2.4 per cent to close at $US11,055 a tonne as investors bought riskier assets on speculation US interest rates may be near a peak, but trade was thin ahead of Chinese economic data and the G20 summit.

Most metals closed higher on Wednesday after the chairman of the US Federal Reserve suggested the central bank could be nearing an end to its three-year rate tightening cycle, giving a boost to global share markets.

Many investors were on the sidelines, however, ahead of trade talks between US President Donald Trump and Chinese President Xi Jinping on Saturday during the G20 summit in Argentina.

Last night the US dollar recovered but remained under 97 as concerns before the G20 meeting prompted investors to buy back the currency. Comments by the Federal Reserve chief were seen as a signal that a rising trend in interest rates may end, and this also supported the greenback.

At the G20 summit in Buenos Aires on Friday and Saturday, the US President Donald Trump and China President Xi Jinping are scheduled to discuss trade issues after months of tension between the world’s two biggest economies.

Now a day ahead economic data slated for release today include China’s official manufacturing purchasing managers index (PMI), Germany’s retail sales for October, and the eurozone’s consumer price index (CPI) for November. The G20 summit begins today in Argentina.

Trading Ideas:
–Nickel trading range for the day is 743.6-778.4.
–Nickel gained tracking LME prices gained by 2.4 percent to close at $11,055 as investors bought riskier assets on speculation U.S. interest rates may be near a peak
–The Philippines’ environment ministry has said it would allow nine suspended mines, six of which are nickel, to resume operations.
–The global nickel market deficit widened slightly to 9,200 tonnes in September from the previous month’s revised deficit of 8,100 tonnes.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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