MCX NICKEL NEWS : 13.01.2017
Nickel on MCX settled up 1.92% at 701.80 recovered from the day's low of 661.10 sliding more than 5 percent in earlier trade to its lowest since mid-September, after Indonesia eased a ban on metal ore exports. An official said yesterday that Indonesia would allow exports of nickel ore and bauxite if smelters built could absorb at least 30 percent of low-grade ore output. Reacting to the news the Three-month nickel on the London Metal Exchange fell to its lowest since mid September at $9,660 a tonne after the news, and was at $10,000 a tonne in official midday trading, down 1.8 percent. Yesterday LME's electronic trading platform LMESelect also reopened after a five-hour delay. Information on what caused the outage was not available yet. Meanwhile Wednesday’s press conference by US president-elect Donald Trump failed to excite and did little to instill confidence in his ability as the forthcoming US president, instead fuelling greater market uncertainty, and pulled metal prices lower in closing sessions. Some support seen as a retreat in the dollar to its lowest since mid-December after U.S. President-elect Donald Trump failed to unveil detailed economic plans at a news conference on Wednesday also boosted commodities. Trump's first news conference since the Nov. 8 election contained no details on tax cuts and infrastructure spending, two factors that had fuelled a five-week rally in stocks and a sell-off in global bond markets. Technically market is under short covering as market has witnessed drop in open interest by - 14.42% to settled at 16100 while prices up 13.2 rupee, now Nickel is getting support at 673.9 and below same could see a test of 646 level, And resistance is now likely to be seen at 716.9, a move above could see prices testing 732.
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