MCX Natural Gas under fresh buying; Support seen at 201.5
MCX Copper under fresh buying; Resistance seen at 462.3
MCX Zinc under fresh buying; Support seen at 196.3
MCX Aluminium likely to trade between 144.3-147.7 levels
MCX Mentha Oil under fresh selling; Resistance seen at 1624.8
Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 56.23% to settled at 8307 while prices up 21.4 rupees.
Now MCX Nickel is getting support at 951.4 and below same could see a test of 939.8 level, And resistance is now likely to be seen at 971.8, a move above could see prices testing 980.6.
Nickel on MCX settled up 2.27% at 963 rallied on fresh buying tracking firmness from Nickel’s three-month price on the LME which was up by just under 3% at the close of trading, with bullish sentiment emerging from robust fundamentals, while trade optimism continues to boost risk-appetite amid broad strength in the US dollar index. LME nickel was up 2% at $13,520 a tonne after hitting $13,620, the highest since August.
Nickel stocks in LME-registered warehouses, at 196,410, have nearly halved since the start of January last year. While sentiments gained after the data from the International Nickel Study Group shows the nickel market deficit was 46,000 tonnes in 2016, 115,000 tonnes in 2017 and 127,000 tonnes last year.
Now a day ahead traders are awaiting for data, China will release data on its foreign exchange reserve for February, and the US will release its ADP payroll data of last month, its trade account for December, and the weekly crude inventories by the energy information administration (EIA).
–Nickel trading range for the day is 939.8-980.6.
–Nickel gained amid expectations of a fourth consecutive year of supply deficit were reinforced by signs of robust demand from stainless steel mills in China.
–Data from the International Nickel Study Group shows the nickel market deficit at 46,000 tonnes in 2016, 115,000 tonnes in 2017 and 127,000 tonnes last year.
–Global nickel demand is estimated at about 2.4 million tonnes this year. Of that, about two thirds is destined for stainless steel mills, mostly in China.
Courtesy: Kedia Commodities