MCX Zinc under long liquidation; Resistance seen at 193.1
MCX Copper under long liquidation; Support seen at 447.3
MCX Natural Gas under fresh buying; Resistance seen at 202.4
MCX Crude Oil under fresh selling; Support seen at 3819
MCX Aluminium under long liquidation
Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 3.34% to settled at 5357 while prices down 12.3 rupees.
Now MCX Nickel is getting support at 907 and below same could see a test of 899.8 level, And resistance is now likely to be seen at 926.7, a move above could see prices testing 939.2.
Nickel on MCX settled down 1.33% at 914.2 on the market were concerns about global growth after the OECD cut forecasts again for the global economy in 2019 and 2020. China’s exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures.
Global investors and China’s major trading partners are closely watching to see how quickly its economy is cooling after growth slowed to a near 30-year-low in 2018. February exports fell 20.7 percent from a year earlier, the largest decline since February 2016, customs data showed.
Imports fell 5.2 percent from a year earlier, worse than analysts’ forecasts for a 1.4 percent fall and widening from January’s 1.5 percent drop. London Metal Exchange nickel stocks have declined for 10 days in a row to under 200,000 tonnes, while global exchange inventories of the metal were 47 percent lower year-on-year.
The global nickel market was mostly balanced in December compared to a deficit of 5,800 tonnes in November but 2018 showed a wider shortfall of the metal than in the previous year, the International Nickel Study Group (INSG) said. In December the deficit narrowed to just 700 tonnes from a larger gap in November. But the market widened its annual shortfall to 127,600 tonnes from one of 115,100 in 2017, the data showed.
Trading Ideas:
–Nickel trading range for the day is 899.8-939.2.
–Nickel dropped on the market were concerns about global growth after the OECD cut forecasts again for the global economy in 2019 and 2020.
–Shanghai-bonded nickel stocks decline as low domestic inventories drive deliveries
–London Metal Exchange nickel stocks have declined for 10 days in a row to under 200,000 tonnes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
