MCX Nickel likely to move in a range of 957.6-994.2
Commodity Online | July 02 2020
UPDATED 10:30:05 IST

MCX Mentha Oil likely to move in a range of 937.3-1000.1

MCX Aluminium may trade between 145.3-148.1 levels

MCX Nickel likely to move in a range of 1075.3-1130.3

MCX Zinc under fresh buying; Resistance seen at 192.5

MCX Copper under fresh buying; Support seen at 511.6

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 8.66% to settled at 1142 while prices up 5.5 rupees.

Now MCX Nickel is getting support at 969 and below same could see a test of 957.6 levels, and resistance is now likely to be seen at 987.3, a move above could see prices testing 994.2.

Nickel yesterday settled up by 0.56% at 980.5 as support seen amid expectations of more stimulus measures from governments.

China’s manufacturing purchasing manager’s index (PMI) came in at 50.9 in June, beating expectations and up from 50.6 in May, the National Bureau of Statistics said.

While domestic demand and supply are starting to pick up with major economies reopening, uncertainties remain as the coronavirus pandemic has not been effectively controlled overseas, the bureau cautioned.

Data showed that the Conference Board’s consumer confidence index rose to 98.1 in June, beating expectations of 90.5, as easing quarantine restrictions raised consumers hope for an economic recovery.

According to Eurostat’s flash reading of eurozone consumer price index (CPI) report, the annual reading came in at 0.3% in June, meeting expectations of 0.1% and the previous rise of 0.1%.The headline inflation had hit the lowest since June 2016 last month as the coronavirus pandemic led to reduced fuel and energy demand.

China’s production of refined nickel continued to fall in May, dipping 2.36%, or 340 mt, from a month ago to 14,100 mt in May, producing a year-over-year gain of 8.99%. Production at smelters in Gansu declined on the month in May but their output remained higher from the same period last year on the backdrop of stable operation.

Trading Ideas:
--Nickel trading range for the day is 957.6-994.2.
--Nickel prices gains as support seen amid expectations of more stimulus measures from governments.
--Data showed that US consumer confidence index rose to 98.1 in June, as easing quarantine restrictions raised consumers hope for an economic recovery.
--China’s production of refined nickel continued to fall in May, dipping 2.36%, or 340 mt, from a month ago to 14,100 mt in May.

Courtesy: Kedia Commodities