MCX Nickel likely to move in a range of 1254.1-1338.9
Commodity Online | April 29 2021
UPDATED 10:30:35 IST

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Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 15.34% to settled at 1594 while prices up 29.2 rupees.

Now MCX Nickel is getting support at 1281.1 and below same could see a test of 1254.1 levels, and resistance is now likely to be seen at 1323.5, a move above could see prices testing 1338.9.

Nickel yesterday settled up by 2.28% at 1308 as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.

Meantime, the commodity growing usage in lithium-ion batteries and the accelerated roll-out of electric vehicles remains a positive backdrop for markets.

In early March, nickel prices slumped to a 3-month low and stuck in a tight range until the end of April, after concerns about supply shortages eased following China’s Tsingshan announcement to produce a large amount of nickel matte in Indonesia.

The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.

During the first two months of the year, the global market saw a surplus of 9,700 tonnes, down from a surplus of 29,300 tonnes in the same period of 2020, Lisbon-based INSG added.Data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier, the exchange said.

The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed.

Trading Ideas:
--Nickel trading range for the day is 1254.1-1338.9.
--Nickel rose as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
--The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month.
--During the first two months of the year, the global market saw a surplus of 9,700 tonnes, down from a surplus of 29,300 tonnes in the same period of 2020.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 5 17200.00
Ghee NR 42000.00
Coconut Oil 0.1 19000.00
Tamarind Seeds 10 3200.00

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