MCX Nickel under fresh selling; Support seen at 856.4
Commodity Online | April 24 2019
UPDATED 10:00:54 IST

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NCDEX Chana under long liquidation; Support seen at 4610

MCX Nickel under short covering; Support seen at 839.5

Short Covering seen in MCX Cotton

Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 8.99% to settled at 11116 while prices down 12.6 rupees.

Now MCX Nickel is getting support at 856.4 and below same could see a test of 850 level, And resistance is now likely to be seen at 874.5, a move above could see prices testing 886.2.

Nickel on MCX settled down 1.44% at 862.9 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. Manufacturers in China facing trade barriers are deploying an array of moves to try to keep foreign customers giving discounts, tapping tax breaks, trimming workforces and, occasionally, shifting production overseas to skirt tariffs.

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.

Xuzhou city of Jiangsu province approved regulations for air pollution prevention and control and will implement them on May 1, the Department of Ecology and Environment of Jiangsu said on its website on April 12. The rules cover staggered production schedules for the city's heavy polluting industries in autumn and winter.

Responsibilities of air pollution control will be delegated to a dozen local departments such as the Development and Reform Commission, Department of Industry and Information Technology, and Department of Housing and Urban-Rural Development.

Trading Ideas:
--Nickel trading range for the day is 850-886.2.
--Nickel prices dropped 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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