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Monday, June 5, 2023

MCX Nickel likely to move in a range of 1518.3-1589.9

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 1.26% to settled at 1521 while prices up 12 rupees.

Now MCX Nickel is getting support at 1534.4 and below same could see a test of 1518.3 levels, and resistance is now likely to be seen at 1570.2, a move above could see prices testing 1589.9.

Nickel yesterday settled up by 0.78% at 1550.6 as the market sentiment stabilised from the short-term shock of the newly discovered COVID variant Omicron.

Advisers to China’s government will recommend authorities set a 2022 economic growth target below the one set for 2021, giving policymakers more room to push structural reforms amid growing challenges to the outlook.

Investors are closely watching for clues on next year’s policy and reform agenda as President Xi Jinping and other top leaders hold the annual Central Economic Work Conference due this month.

Activity in China’s services sector expanded at a slower pace in November amid rising inflationary pressures and continuing small-scale COVID-19 outbreaks, a private survey showed.

The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 52.1 in November from 53.8 in October, but remained above the 50-point mark that separates growth from contraction on a monthly basis.The nickel ore inventory at Chinese ports fell 169,000 wmt to 9.18 million wmt as of December 3. Total Ni content stood at 72,100 mt.

The total inventory at seven major ports stood at around 4.39 million wmt, a decline of 129,000 wmt from a week earlier.Lanshan port saw a severe backlog of cargoes and face great pressure of slow shipments from ports. Jingtang port also met difficulties in shipping cargoes.

Trading Ideas:
–Nickel trading range for the day is 1518.3-1589.9.
–Nickel remained supported as the market sentiment stabilised from the short-term shock of the newly discovered COVID variant Omicron.
–China Services PMI falls to 3-month low.
–China advisers to recommend lower 2022 GDP target as headwinds grow.

Courtesy: Kedia Commodities

Source: Comodity Online

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