Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 25.84% to settled at 1870 while prices up 23.3 rupees.
Now MCX Nickel is getting support at 1548.6 and below same could see a test of 1529.9 levels, and resistance is now likely to be seen at 1579, a move above could see prices testing 1590.7.
Nickel yesterday settled up by 1.51% at 1567.3 boosted by the news of China central bank’s reducing RRR rate. China’s exports rose 22% in November from the same period a year before and imports jumped 31.7%, customs data showed.
Imports were forecast to have risen 19.8%, according to the poll, versus a 20.6% gain in October. China posted a trade surplus of $71.72 billion last month, compared with the poll’s forecast for a $82.75 billion surplus.
China’s top government thinktank recommended the government set an economic growth target of above 5% for next year as the economy slows due to the persistent COVID-19 cases and high commodity prices.
Global nickel smelting activity rebounded in November, powered by gains in North America and Europe, while refined copper production dipped, data from satellite surveillance showed.
Nickel output climbed due to the restart of Vale’s Sudbury smelter in Canada while the easing of a power crunch lifted activity in China. The global nickel market deficit narrowed to 5,200 tonnes in September from a shortfall a month earlier of 14,600 tonnes, data from the International Nickel Study Group (INSG) showed.
During the first nine months of the year, the nickel market saw a deficit of 174,900 tonnes compared with a surplus of 88,000 tonnes in the same period last year, Lisbon-based INSG added.
Trading Ideas:
–Nickel trading range for the day is 1529.9-1590.7.
–Nickel prices rose boosted by the news of China central bank’s reducing RRR rate.
–Global nickel smelting rebounds as Sudbury operations restart.
–China Nov exports rise 22% y/y; imports up 31.7%.
Courtesy: Kedia Commodities
Source: Comodity Online
