MCX Nickel likely to move in a range of 1226.1-1281.5
Commodity Online | April 08 2021
UPDATED 10:30:13 IST

MCX Mentha Oil likely to move in a range of 953.1-958.1

MCX Aluminium may trade between 181.7-187.9 levels

MCX Nickel likely to move in a range of 1253.1-1284.1

MCX Zinc under fresh buying; Resistance seen at 231.8

MCX Copper under fresh buying; Support seen at 692.1

Technically Nickel market is under short covering as market has witnessed drop in open interest by 7.21% to settled at 1416 while prices up 9.3 rupees.

Now MCX Nickel is getting support at 1241.4 and below same could see a test of 1226.1 levels, and resistance is now likely to be seen at 1269.1, a move above could see prices testing 1281.5.

Nickel yesterday settled up by 0.75% at 1256.7 as support seen after IMF predicted that China's economy will grow by 8.4%.

The International Monetary Fund (IMF) raised its global growth forecast to 6% this year, the fastest growth rate in 40 years. However, the IMF warned that the recovery of developed and underdeveloped economies will be divided.

US Treasury Secretary Yellen encouraged financial institutions to "adjust their investment portfolios and strategies" to meet climate targets, and sought to link tax policies with climate targets. Market sentiment was relatively stable.

In terms of data, the number of job vacancies in the US rose to a two-year high in February, indicating that corporate recruitment may increase steadily in the coming months.

Euro zone business activity bounced back to growth last month, underpinned by a record expansion in manufacturing, according to a survey that also showed the service industry was coping better than expected with new lockdowns.

Europe is battling a third wave of coronavirus infections and governments - also struggling with vaccine programmes beset by delays - have re-imposed curbs on citizens and forced swathes of the dominant services industry to remain closed.

But IHS Markit’s Services Purchasing Managers’ Index (PMI) rose to 49.6 in March from February’s 45.7, much higher than a flash estimate of 48.8 and only just shy of the 50 mark that separates growth from contraction.

Trading Ideas:
--Nickel trading range for the day is 1226.1-1281.5.
--Nickel prices gained as support seen after IMF predicted that China's economy will grow by 8.4%.
--The IMF raised its global growth forecast to 6% this year, the fastest growth rate in 40 years.
--US Treasury Secretary Yellen encouraged financial institutions to "adjust their investment portfolios and strategies" to meet climate targets.

Courtesy: Kedia Commodities
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