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Monday, May 23, 2022

MCX Nickel may trade between 887-980.8 levels

MCX Zinc likely to move in a range of 198.5-204.7

MCX Aluminium under short covering; Support seen at 135.5

MCX Mentha Oil under short covering; Resistance Seen at 1609

NCDEX Chana under short covering

MCX Cotton under fresh selling; Support seen at 20460

Technically MCX Nickel market is getting support at 917.8 and below same could see a test of 887 level, And resistance is now likely to be seen at 964.7, a move above could see prices testing 980.8.

Nickel on MCX settled up 4.61% at 948.60 gained on fresh buying tracking LME Nickel prices which rose 4.7% to $13,260 a tonne, hitting a four-month high of $13,275 earlier as trader short squeeze. One firm is holding a large short position, while another is long, holding between 50 and 79 percent of cash contracts and warrants.

The European Union will impose limits on steel coming into the bloc from Saturday in response to U.S. President Donald Trump’s metals tariffs, a filing in the European Union’s official journal said on Friday.

Steel imports will be subject to quotas to counter the concerns of EU producers who say Europe could be flooded with steel that is no longer being imported into the United States. Also support seen after the update that Vale Indonesia produced 74,806 tonnes of nickel contained in matte in 2018, down 3 percent from the 76,807 tonnes it produced in 2017, the company said on Friday.

“The decrease was mainly driven by a lower average nickel grade in 2018 and the impact of unplanned maintenance activities in the third quarter,” it said. Yesterday dollar gained with upbeat U.S. jobs data and optimism about U.S.-China trade talks.

Markets across the globe are now awaiting further developments on Brexit and the U.S.-China trade dispute. Although both U.S. and China claimed discussions between the two countries were progressing well, negotiations between them ended without concrete results last week. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to China in mid-February for the next round of talks, according to Xinhua.

Trading Ideas:
–Nickel trading range for the day is 887-980.8.
–Nickel prices rallied tracking LME prices climbed 4.7 percent to $13,260 a tonne as prices rose due to a short squeeze.
–U.S. President Donald Trump said he would meet China’s Xi Jinping soon to try to seal a comprehensive trade deal, citing substantial progress.
–Labor Department report showed nonfarm payrolls jumped by a stronger-than-forecast 304,000 jobs last month, the largest gain since February 2018.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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