Technically MCX Nickel is getting support at 778.1 and below same could see a test of 765.3 level, And resistance is now likely to be seen at 798.3, a move above could see prices testing 805.7.
Nickel on MCX settled up 2.05% at 790.9 tracking firmness in LME prices ended up 2.1 percent at $11,080 on short covering after prices seen dropped as the dollar firmed at the same time that news wires were reporting that China had arrested a second Canadian diplomat in apparent retaliation for Meng’s arrest, while reports surfaced that President Trump’s aids were warning the president that his authority to intervene in the affair is limited, tempering gains.
There has been a consistent flow of positive comments from Chinese officials that prove they are dedicated to reaching a trade deal before Trump's deadline of March 1st and news that China might even delay its 'Made in China 2025' strategy by a decade lifted the market's spirits.
Cuba's nickel plus cobalt sulfide production will top 50,000 tonnes this year and earnings are up over 2017.Nickel is one of the cash-strapped Communist-run country’s most important exports, but revenue from it has suffered in recent years due to a decline in production and prices. The government forecast last year’s output at 54,500 tonnes.
Business sources with knowledge of the industry said final tonnage was around 50,000 tonnes of nickel plus cobalt, of which just over 4,000 tonnes was cobalt.
Indonesia has granted permission for two commodity companies in the country to restart exports of nickel ore as they have made progress on smelter projects, a government spokesman said. Indonesia grants mineral ore export permits to firms building smelters and reviews their construction progress every six months.
--Nickel trading range for the day is 765.3-805.7.
--Nickel gained tracking firmness in LME prices ended up 2.1 percent at $11,080 on short covering after prices seen dropped as the dollar firmed.
--China is on track to hit its 2018 GDP growth target of around 6.5 percent, but the economy faces more external uncertainties next year, China’s statistics bureau said.
--Cuba's nickel plus cobalt sulfide production will top 50,000 tonnes this year and earnings are up over 2017.
Courtesy: Kedia Commodities