MCX Nickel under fresh buying; Support seen at 879.4
Commodity Online | June 20 2019
UPDATED 10:00:08 IST

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Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 32.81% to settled at 7586 while prices up 14.5 rupees.

Now MCX Nickel is getting support at 879.4 and below same could see a test of 867 level, And resistance is now likely to be seen at 899, a move above could see prices testing 906.2.

Nickel on MCX settled up 1.65% at 891.8 after U.S. President Donald Trump said trade talks with China would resume ahead of a meeting at the G20 summit, raising hopes for a resolution to the damaging conflict.

The tit-for-tat trade war between the world's top two economies has sapped demand for metals and overshadowed strong fundamentals in markets.

Mining disruptions in key producer Indonesia sparked supply concerns about the stainless steel ingredient. Widespread flooding in Indonesia's nickel hub on the island of Sulawesi has halted some mining operations in Indonesia, an official with the country's Nickel Miners Association said.

China's economy flashed more warning signs in May as the United States ramped up trade pressure, with industrial output growth unexpectedly slowing to a more than 17-year low and investment cooling, underlining a need for more stimulus.

US homebuilding unexpectedly fell in May, but data for the prior two months was revised higher and building permits increased, suggesting that the housing market was drawing some support from a sharp decline in mortgage rates. Housing starts dropped 0.9% to a seasonally adjusted annual rate of 1.269 million units last month amid a drop in the construction of single-family housing units, the Commerce Department said.

Trading Ideas:
--Nickel trading range for the day is 867-906.2.
--Nickel remained supported after U.S. President Donald Trump said trade talks with China would resume ahead of a meeting at the G20 summit.
--Mining disruptions in key producer Indonesia sparked supply concerns about the stainless steel ingredient.
--China's economy flashed more warning signs in May as the United States ramped up trade pressure, with industrial output growth unexpectedly slowing.

Courtesy: Kedia Commodities

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