Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 1.14% to settled at 8081 while prices down 0.8 rupees.
Now MCX Nickel is getting support at 1158.4 and below same could see a test of 1145.8 level, and resistance is now likely to be seen at 1181.3, a move above could see prices testing 1191.6.
Nickel on MCX settled down 0.07% at 1171 in view of an increase in social inventories and weak consumption. China's exports and imports contracted less than expected in October, providing some relief for the economy as Beijing tries to reach a partial trade deal with Washington.
Indonesia has allowed some nickel ore exporters to resume shipments following a temporary halt to investigate reports of violations, a senior official said. ShFE nickel stocks climbed 12% from a week earlier to 30,831 tonnes, their highest since the week ended June 1, 2018.
Nickel ore inventories across all Chinese ports rose this week for a third straight week, increasing 560,000 wmt from a week ago to 14.66 million wmt as of November 8, data showed.Nickel ore port inventory level this week hit the highest since November 2018. Stocks in metal content gained 5,000 mt to 124,000 mt. Stocks across seven major Chinese ports climbed 400,000 wmt to 11.49 million wmt.
Indonesia's investment board chief Bahlil Lahadalia said that he would have a meeting with nickel companies to discuss whether to resume wider exports of nickel ore, after a temporary halt for the investigation into violations.The latest survey showed that China’s production of nickel pig iron dipped 0.64% in October, while that of refined nickel inched up 1.5%. China’s production of refined nickel grew 1.5% from September to 13,500 mt in October, as a smelter in Gansu stepped up operations.
--Nickel trading range for the day is 1145.8-1191.6.
--Nickel prices ended with losses in view of an increase in social inventories and weak consumption.
--ShFE nickel stocks climbed 12% from a week earlier to 30,831 tonnes, their highest since the week ended June 1, 2018.
--Indonesia has allowed some nickel ore exporters to resume shipments following a temporary halt to investigate reports of violations.
Courtesy: Kedia Commodities