MCX Nickel likely to move in a range of 1311.8-1353.2
Commodity Online | January 27 2021
UPDATED 10:30:04 IST

NCDEX Jeera under short covering; Resistance seen at 13835

NCDEX Turmeric under short covering; Support seen at 8826

NCDEX Mustard Seed under long liquidation; Resistance seen at 5534

MCX Crude Palm Oil under fresh selling; Support seen at 1040

NCDEX Ref. Soya Oil under long liquidation; Resistance seen at 1185

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 10.21% to settled at 1717 while prices up 5.3 rupees.

Now MCX Nickel is getting support at 1323 and below same could see a test of 1311.8 levels, and resistance is now likely to be seen at 1343.7, a move above could see prices testing 1353.2.

Nickel yesterday settled up by 0.4% at 1334.3 amid the new pandemic relief bill in the US with the good news that Britain plans to deregulate. Optimistic expectations of successful vaccine injection have cooled down.

WHO says that in the foreseeable future, vaccine coverage will not reach the level that can prevent the spread of the virus.The pessimistic news of vaccine with the new measures of pandemic prevention and blockade kept investors cautious.

In addition, Senate Majority Leader Schumer said that he would strive to launch a round of bail-out plan by mid-March at the latest, and the $1.9 trillion stimulus bill faced the risk of delaying.

According to customs data, in December 2020, China's nickel ore imports totalled 3.17 million mt (wmt and dmt mixed), a decrease of 11.2% month on month and 26.6% year on year.

Nickel ore imports from the Philippines stood at 2.48 million mt (customs data denotes both dry and wet mt), a decrease of 16.6% month on month and a year-on-year increase of 60.72%.

Imports from New Caledonia increased by 58.6% from the previous month to 522,000 mt. Indonesia exported 79,200 mt of low-grade nickel ore to China, while Australia’s exports fell to zero.

Shipments from the Philippines in January were slow on the back of adverse weather, and the imports are expected to decline significantly compared with December.

Trading Ideas:
--Nickel trading range for the day is 1311.8-1353.2.
--Nickel prices remained supported amid the new pandemic relief bill in the US with the good news that Britain plans to deregulate.
--The pessimistic news of vaccine with the new measures of pandemic prevention and blockade kept investors cautious.
--According to customs data, in December 2020, China's nickel ore imports totalled 3.17 million mt, a decrease of 11.2% month on month.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 5 14200.00
Ghee NR 42000.00
Coconut Oil 8 21900.00
Tamarind 7 12000.00

More