MCX Zinc under Fresh buying; Support seen at 186.3
Short covering seen in MCX Copper; Resistance seen at 455.8
MCX Natural Gas under long liquidation
MCX Crude Oil under fresh buying; Resistance seen at 5387
MCX Aluminium under fresh buying; Support seen at 147
Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 114.52% to settled at 7238 while prices up 0.3 rupees.
Now MCX Nickel is getting support at 906.2 and below same could see a test of 899.1 level, And resistance is now likely to be seen at 924.8, a move above could see prices testing 936.3.
Nickel prices pared gains amid broad strength in the US dollar index and intensifying US-Sino trade relations. The global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month, the International Nickel Study Group said.
During the first seven months of the year, the deficit widened to 97,100 tonnes from 51,800 tonnes in the same period of 2017, the data showed.
The number of Americans filing for unemployment benefits increased more than expected last week likely as Hurricane Florence temporarily displaced some workers, but the underlying trend continued to point to a tightening labor market.
Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted level of 214,000 for the week ended September 22, the Labor Department said.
Overall orders for US-made durable goods, items ranging from toasters to aircraft that are meant to last three years or more, surged 4.5% in August as demand for transportation equipment jumped 13%.
Chinese battery firm GEM Co Ltd said it was teaming up with four companies to invest a total of $700 million in a project to produce battery-grade nickel chemicals in Indonesia.
The investment comes as several global metals producers have also set their sights on Indonesia’s nickel reserves, looking to tap an expected surge in demand for the battery metal from the electric vehicle sector.
Trading Ideas:
–Nickel trading range for the day is 899.1-936.3.
–Nickel prices pared gains amid broad strength in the US dollar index and intensifying US-Sino trade relations.
–The global nickel market deficit widened to 15,300 tonnes in July from a revised deficit of 13,600 tonnes in the previous month, INSG said.
–During the first seven months of the year, the deficit widened to 97,100 tonnes from 51,800 tonnes in the same period of 2017, the data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
