MCX Nickel likely to move in a range of 857.5-869.9
Commodity Online | April 26 2019
UPDATED 10:00:26 IST

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Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 0.31% to settled at 9263 while prices down 4.5 rupees.

Now MCX Nickel is getting support at 860.1 and below same could see a test of 857.5 level, And resistance is now likely to be seen at 866.3, a move above could see prices testing 869.9.

Nickel on MCX settled down 0.52% at 862.6 as prices remained under pressure with new data showing a global nickel deficit had narrowed at the end of February.

The global nickel market deficit narrowed to 2,000 tonnes in February from a revised deficit of 3,700 tonnes in January, and was much smaller than a 7,200-tonne deficit in the same month last year, the International Nickel Study Group said.

Sentiment was also weighed down by worries that China will ease up on stimulative policies after some signs of stabilisation in its economy. Indonesia's state-controlled miner PT Aneka Tambang (Antam) said its first-quarter nickel ore output at 2.2 million tonnes was up versus 2.11 million tonnes in the first quarter last year.

U.S. home sales fell more than expected in March as rising demand stoked by declining mortgage rates and slowing house price inflation continued to be frustrated by a lack of properties, especially in the market's lower-priced segment.

The US will send a high-level trade delegation to Beijing next week for talks that will begin on April 30, the US Press Secretary Sarah Huckabee Sanders said in a statement.

Following those talks, the Chinese Vice Premier Liu He will lead a delegation to Washington for further discussions that will begin on May 8. Markets are now awaiting U.S. GDP data for the fourth quarter, due on Friday.

Trading Ideas:
--Nickel trading range for the day is 857.5-869.9.
--Nickel prices remained under pressure with new data showing a global nickel deficit had narrowed at the end of February.
--The global nickel market deficit narrowed to 2,000 tonnes in February from a revised deficit of 3,700 tonnes in January.
--Sentiment was also weighed down by worries that China will ease up on stimulative policies after some signs of stabilisation in its economy.

Courtesy: Kedia Commodities

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