2.8 C
New York
Friday, January 14, 2022

MCX Nickel likely to move in a range of 1522.7-1555.3

Technically Nickel market is under long liquidation as market has witnessed drop in open interest by 0.46% to settled at 1502 while prices remain unchanged 0 rupees.

Now MCX Nickel is getting support at 1530.6 and below same could see a test of 1522.7 levels, and resistance is now likely to be seen at 1546.9, a move above could see prices testing 1555.3.

Nickel yesterday settled flat at 1538.6 as pressure continues as stainless steel prices kept falling, and the marginal growth of new energy sector declined.

Currently, pure nickel inventory was still low, offering some support to SHFE nickel. On the macro front, US Fed Chair Powell emphasised that the market shall stay alert to inflation, and suggested for the second time in two days that it is appropriate to consider wrapping up the stimulus package.

Data released by the World Bureau of Metal Statistics (WBMS) showed that from January to September this year, the global apparent nickel consumption totalled 2,151,700 mt, approximately 108,500 mt more than the output of 2.04 million mt.

In 2020, the global output of refined nickel was 84,000 mt higher than the apparent consumption. At the end of September 2021, the reported nickel inventory of the London Metal Exchange (LME) decreased by 117,000 mt from the end of last year.From January to September, the global nickel ore output was 1.97 million mt, a year-on-year increase of 207,000 mt.

China’s smelted and refined nickel output increased by 81,000 mt year-on-year, and the apparent consumption increased by 211,000 mt year-on-year to 1.22 million mt.The output of smelted and refined nickel in Indonesia increased by 43% year-on-year to 632,600 mt, and the demand nearly doubled year-on-year to 287,900 mt.

Trading Ideas:
–Nickel trading range for the day is 1522.7-1555.3.
–Nickel pressure continues as stainless steel prices kept falling, and the marginal growth of new energy sector declined.
–Currently, pure nickel inventory was still low, offering some support to SHFE nickel.
–Global apparent nickel consumption at 2.15 million mt in first nine months.

Courtesy: Kedia Commodities

Source: Comodity Online

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,061FansLike
12,893FollowersFollow
753FollowersFollow
- Advertisement -

Latest Articles

Popular Articles