Nickel Market News Update News

by - 2:39 pm

Nickel on MCX settled up 0.79% at 718.10 traded firm on ideas the US Federal Reserve will not be able to raise interest rates this year due to weaker US economic data recently. Friday’s U.S. GDP report showed the economy grow just 1.2% in the second quarter, which was well below market expectations and boosted metals prices. On Monday, MCX Nickel prices continuous to hold gain's tracking LME nickel which exchanged hands for $10,755 a tonne, the highest since mid-August last year and a 24% advance in 2016.

Apart from continuing problems in Indonesia, the Chinese pig nickel industry is now wholly dependent on Philippine miners and recent development in the Asian nation could set up another big run-up in the price. Technically market is getting support at 714 and below same could see a test of 709.8 level, And resistance is now likely to be seen at 722.9, a move above could see prices testing 727.6.

                         Trading Ideas

  • Nickel trading range for the day is 709.8-727.6.

  • Nickel gained to settled up 0.79% afte firm China's data and on ideas that US Fed will not be able to raise interest rates soon.

  • Prices get support as Indonesia's ore ban remains in place until at least next year as renewed environmental crackdown. 

   

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