Post Leads   |
 
MCX Nickel likely to move in a range of 907.4-923.8
Commodity Online | July 12 2019
UPDATED 10:00:20 IST

MCX Mentha Oil likely to move in a range of 1238.7-1300.3

MCX Aluminium may trade between 134.4-136.6 levels

MCX Nickel under fresh selling; Support seen at 1158.4

MCX Zinc under fresh buying; Support seen at 193.2

MCX Copper under fresh selling; Support seen at 441.1

Technically MCX Nickel is getting support at 911.4 and below same could see a test of 907.4 levels, and resistance is now likely to be seen at 919.6, a move above could see prices testing 923.8.

Nickel settled flat paring gains on profit booking after prices gained the US dollar slid on US Federal Reserve Chairman’s comments about potential interest rate cuts.  LME nickel prices increased the most among price points in the index, up by 6.8% month over month.

After June’s trend toward higher prices, the price dropped around July 1, then surged again and is essentially moving sideways at this time. In June, rainy weather brought widespread flooding to Indonesia’s nickel hub on Sulawesi island.

Estimates indicate a production shortfall of between 50,000-100,000 tons of nickel ore as a result, according to Indonesia’s Nickel Miners Association in press reports. According to the latest numbers published by the International Nickel Study Group (INSG), as reported, the supply deficit for the refined nickel market came in at 27,000 tons for the first four months of the year, down from 59,000 tons during the same period in 2018.The most recent INSG projections indicate the supply gap will close during the second half of 2019.

China produced 13,633 tonnes of refined nickel in June, down 259 tonnes, or 1.9%, from May due to maintenance at top producer Jinchuan Group, according to Antaike, the research arm of the China Nonferrous Metals Industry Association.However, the figure was up 17.9% year-on-year as Jinchuan, which accounted for 12,000 tonnes of the total output, managed to reduce the turnaround time for its planned June maintenance to 15 days, Antaike said.   

Trading Ideas:
--Nickel trading range for the day is 907.4-923.8.
--Nickel settled flat paring gains on profit booking after prices gained the US dollar slid on US Federal Reserve Chairman’s comments about potential interest rate cuts.
--The supply deficit for the refined nickel market came in at 27,000 tons for the first four months of the year, down from 59,000 tons, ICSG said.
--China produced 13,633 tonnes of refined nickel in June, down 259 tonnes, or 1.9%, from May due to maintenance at top producer Jinchuan Group.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 40 8600.00
Coconut Oil 0.1 15100.00
Arecanut 20 24500.00
Sugar 86 3322.00

More