MCX Nickel under long liquidation; Support seen at 1134.2
Commodity Online | November 14 2019
UPDATED 10:00:42 IST

MCX Mentha Oil under fresh buying; Resistance seen at 1307.9

MCX Aluminium may trade between 131.9-134.5 levels

MCX Nickel likely to move in a range of 997-1036.8

MCX Zinc under short covering; Resistance seen at 183.8

MCX Copper may trade between 437.4-445.2 levels

Technically Nickel market is under long liquidation as market has witnessed drop in open interest by 3.19% to settled at 6669 while prices down 8.9 rupees.

Now MCX Nickel is getting support at 1134.2 and below same could see a test of 1128.4 levels, and resistance is now likely to be seen at 1147.4, a move above could see prices testing 1154.8.

Nickel on MCX settled down 0.77% at 1140 as the US dollar rose as US President Donald Trump reiterated the United States is close to signing a trade deal with China but offered no new details.

Nickel ore sales by the Philippines' two biggest producers of the raw material for stainless steel dropped more than 1% in the first nine months of the year.Philippine miners are likely to ramp up nickel ore output by next year, although their production capacity is limited by a number of factors, including government-imposed mining curbs.

Nickel ore shipments to China from the Philippines, an alternative supply source to No. 1 producer Indonesia, but with lower-grade material, hit a 13-month high of 4.39 million tonnes in September.Indonesia's nickel miners are prepared to sell their ore to local smelters if they are offered competitive pricing compared with overseas buyers, a nickel miners association official said.

The mood among German investors improved more than expected in November, a ZEW survey showed on Tuesday, with the research group pointing to a more favourable outlook for Europe's biggest economy after recent developments in trade conflicts. ZEW said its monthly survey showed economic sentiment among investors jumped to 2.1 from 22.8 in October. Eurozone ZEW economic sentiment also rose sharply to 1.0, up from 23.5, and beat expectation of 11.5.

Trading Ideas:
--Nickel trading range for the day is 1128.4-1154.8.
--Nickel dropped as the US dollar rose as President Trump reiterated the US is close to signing a trade deal with China but offered no new details.
--Nickel ore sales by the Philippines' two biggest producers of the raw material for stainless steel dropped more than 1% in the first nine months.
--Indonesia's nickel miners are prepared to sell their ore to local smelters if they are offered competitive pricing compared with overseas buyers.

Courtesy: Kedia Commodities

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