MCX NICKEL NEWS : 11.01.2017
Nickel on MCX settled up 1.99% at 721 as inflation figures in top consumer China pointed to further signs of economic recovery. Chinese producer prices surged the most in more than five years in December, reinforcing views that the world's second-largest economy is on a steadier footing. From data side yesterday from China, consumer prices for December rose 0.2% month-on-month, compared to a 0.3% gain seen and at an annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent. Now traders are eyeing on the fresh update that Indonesia this week will issue new rules for miners, the mining minister said late on Tuesday, which will cover contracts and permits, exports, taxes, divestment obligations and domestic processing requirements, among other issues. 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. Technically market is under short covering as market has witnessed drop in open interest by -8.26% to settled at 15576 while prices up 14.1 rupee, now Nickel is getting support at 711.4 and below same could see a test of 701.8 level, And resistance is now likely to be seen at 728, a move above could see prices testing 735.
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Nickel on MCX settled up 1.99% at 721 as inflation figures in top consumer China pointed to further signs of economic recovery. Chinese producer prices surged the most in more than five years in December, reinforcing views that the world's second-largest economy is on a steadier footing. From data side yesterday from China, consumer prices for December rose 0.2% month-on-month, compared to a 0.3% gain seen and at an annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent. Now traders are eyeing on the fresh update that Indonesia this week will issue new rules for miners, the mining minister said late on Tuesday, which will cover contracts and permits, exports, taxes, divestment obligations and domestic processing requirements, among other issues. 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. Technically market is under short covering as market has witnessed drop in open interest by -8.26% to settled at 15576 while prices up 14.1 rupee, now Nickel is getting support at 711.4 and below same could see a test of 701.8 level, And resistance is now likely to be seen at 728, a move above could see prices testing 735.
