Technically Nickel market is under long liquidation as market has witnessed drop in open interest by 1.88% to settled at 7107 while prices down 11.8 rupees.
Now MCX Nickel is getting support at 1091.2 and below same could see a test of 1084 levels, and resistance is now likely to be seen at 1108.8, a move above could see prices testing 1119.2.
Nickel on MCX settled down 1.06% at 1098.5 as supply concerns eased while worries about demand intensified on falling stainless steel prices.
The world's top nickel ore exporter Indonesia exported $97.4 million worth of nickel ore and nickel products in October, up 10% from a month earlier, data from the country's statistics agency (BPS) showed.Indonesia's coordinating minister who oversees mining said he hoped environmental impact studies for factories to produce battery-grade nickel chemicals would be completed by the end of the year.
Indonesia's anti-monopoly agency has begun a preliminary study of the country's nickel smelting sector, an agency official said, after a miners' association accused big nickel smelters of conducting a cartel.Nickel inventories in warehouses tracked by the ShFE rose to their highest since the week ended June 1, 2018 at 30,831 tonnes, easing worries that supply is tight.
Indonesia has allowed nine companies to resume nickel ore exports after inspections into reports of ore export rules violations, Heru Pambudi, the director general of the country's customs office, said. Inventories of refined nickel in the Shanghai bonded areas continued to fall this week, amid outflows to domestic markets as the import arbitrage window kept open for nearly half a month. Data showed that Shanghai bonded nickel stocks shrank 2,200 mt, or 12% from a week ago to 16,300 mt as of November 15.
--Nickel trading range for the day is 1084-1119.2.
--Nickel dropped as supply concerns eased while worries about demand intensified on falling stainless steel prices.
--Russia's Nornickel sees global nickel deficit at 28,000 T in 2020.
--The world's top nickel ore exporter Indonesia exported $97.4 million worth of nickel ore and nickel products in October, up 10% from a month earlier.
Courtesy: Kedia Commodities