MCX Aluminium likely to move in a range of 137.2-141.8
MCX Mentha Oil market under fresh buying; Resistance seen at 1622.6
Short covering seen in MCX Cotton
MCX Cardamom under short covering
NCDEX Jeera may move in a range of 18280-18800 levels
Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 14.41% to settled at 7129 while prices down 17 rupees.
Now MCX Nickel is getting support at 946.1 and below same could see a test of 938.7 level, And resistance is now likely to be seen at 966.1, a move above could see prices testing 978.7.
Nickel on MCX settled down 1.75% at 953.4 as trade tensions between the United States and China rumbled on. China’s cabinet announced new rules to strengthen management of urban railway projects as policymakers look to control high amounts of debt at the local government level.
The State Council said that new projects involving companies with excessively high debt ratios will be suspended. Nickel ore inventory across all Chinese ports increased 310,000 wmt from a week ago to 9.49 million wmt as of Friday July 13, data showed.
In metal content, inventories grew 3,000 mt on the week and stood at 79,000 mt. The gain remained the same from last Friday’s increase. Inventories across seven major Chinese ports rose by 200,000 wmt to 6.69 million wmt.
Nickel inventories in the Shanghai bonded zone totalled 60,000 mt, up 14.29% month on month, according to a survey. These inventories may flow to the domestic spot market. Production resumption from environmental scrutiny will account for the growth.
The Philippines’ nickel ore exports could drop by up to 17 percent this year as weaker prices curb output in the world’s second-biggest supplier.
Shipments of nickel ore, used to make stainless steel, could fall to 30-35 million tonnes from 36 million tonnes in 2017, Dante Bravo, president of the Philippine Nickel Industry Association, told.Philippine President Rodrigo Duterte warned he would soon halt mining in the Southeast Asian nation because of the environmental damage it has caused.
Trading Ideas:
–Nickel trading range for the day is 938.7-978.7.
–Nickel prices dropped as trade tensions between the United States and China rumbled on.
–Nickel ore inventory across all Chinese ports increased 310,000 wmt from a week ago to 9.49 million wmt as of Friday July 13, data showed.
–A trade war between Washington and Beijing has raised concerns over demand in top industrial metals consumer China.
Courtesy: Kedia Commodities
Source: Commodityonline.com
