MCX NICKEL NEWS : 10.01.2017
Nickel on MCX settled up 0.91% at 706.90 tracking firmness from LME Nickel which rose by 1.4 percent to settled at $10,390 a tonne as support seen after the update that Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Jan. 6. Nickel ore inventories at seven major Chinese ports were down 330,000 tonnes on a weekly basis, according to SMM data. Currently, domestic NPI producers reduced their acceptance price level to medium and high-grade nickel ore as falling NPI prices squeezed their profits, SMM survey finds. But, tight supply will help support ore price. Trade volumes are expected to low as Investors are reluctant to take positions ahead of the forthcoming inauguration of US president-elect Donald Trump on January 20 to see what policies he will implement once in office. Shortly after this, Chinese New Year starts on January 28. Many Asian participants will be absent – metals markets are likely to see a notable thinning of liquidity in this period. In the week ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December. Investors will also be watching an appearance by Fed Chair Janet Yellen on Thursday and speeches by a handful of other Fed officials during the week. Technically market is under fresh buying as market has witnessed gain in open interest by 1.6% to settled at 16979 while prices up 6.4 rupee, now Nickel is getting support at 702.4 and below same could see a test of 697.9 level, And resistance is now likely to be seen at 710.4, a move above could see prices testing 713.9.
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Nickel on MCX settled up 0.91% at 706.90 tracking firmness from LME Nickel which rose by 1.4 percent to settled at $10,390 a tonne as support seen after the update that Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Jan. 6. Nickel ore inventories at seven major Chinese ports were down 330,000 tonnes on a weekly basis, according to SMM data. Currently, domestic NPI producers reduced their acceptance price level to medium and high-grade nickel ore as falling NPI prices squeezed their profits, SMM survey finds. But, tight supply will help support ore price. Trade volumes are expected to low as Investors are reluctant to take positions ahead of the forthcoming inauguration of US president-elect Donald Trump on January 20 to see what policies he will implement once in office. Shortly after this, Chinese New Year starts on January 28. Many Asian participants will be absent – metals markets are likely to see a notable thinning of liquidity in this period. In the week ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December. Investors will also be watching an appearance by Fed Chair Janet Yellen on Thursday and speeches by a handful of other Fed officials during the week. Technically market is under fresh buying as market has witnessed gain in open interest by 1.6% to settled at 16979 while prices up 6.4 rupee, now Nickel is getting support at 702.4 and below same could see a test of 697.9 level, And resistance is now likely to be seen at 710.4, a move above could see prices testing 713.9.
