MCX NICKEL NEWS : 12.01.2017
Nickel on MCX settled down -4.49% at 688.60 edged lower on fresh selling tracking weakness from LME Nickel which closed down 4.1 percent at $10,180 after U.S. President-elect Donald Trump gave little guidance on new infrastructure spending at a press conference in New York, disappointing some who had hoped for a clearer view on policy. The metal, used in construction, surged more than 10 percent in the month following Trump's election to the U.S. presidency on Nov. 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities. In his first formal news conference since July, Trump blasted two news organizations for reporting unsubstantiated claims about his ties to Moscow, but praised other reporters for holding back. The dollar and equities both lost ground after his initial remarks, before recovering some poise as the news conference went on. Also trader sold their position ahead of update from Indonesia the govt will issue new rules for miners this week, the mining minister said late on Tuesday, which will cover contracts and permits, exports, taxes, divestment obligations and domestic processing requirements, among other issues. Now technically market is under fresh selling as market has witnessed gain in open interest by 20.78% to settled at 18813 while prices down -32.4 rupee, now Nickel is getting support at 675.4 and below same could see a test of 662.3 level, And resistance is now likely to be seen at 713, a move above could see prices testing 737.5.
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Nickel on MCX settled down -4.49% at 688.60 edged lower on fresh selling tracking weakness from LME Nickel which closed down 4.1 percent at $10,180 after U.S. President-elect Donald Trump gave little guidance on new infrastructure spending at a press conference in New York, disappointing some who had hoped for a clearer view on policy. The metal, used in construction, surged more than 10 percent in the month following Trump's election to the U.S. presidency on Nov. 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities. In his first formal news conference since July, Trump blasted two news organizations for reporting unsubstantiated claims about his ties to Moscow, but praised other reporters for holding back. The dollar and equities both lost ground after his initial remarks, before recovering some poise as the news conference went on. Also trader sold their position ahead of update from Indonesia the govt will issue new rules for miners this week, the mining minister said late on Tuesday, which will cover contracts and permits, exports, taxes, divestment obligations and domestic processing requirements, among other issues. Now technically market is under fresh selling as market has witnessed gain in open interest by 20.78% to settled at 18813 while prices down -32.4 rupee, now Nickel is getting support at 675.4 and below same could see a test of 662.3 level, And resistance is now likely to be seen at 713, a move above could see prices testing 737.5.
