TODAY'S NICKEL MARKET UPDATET

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Nickel on MCX settled up 0.21% at 610.7 supported by a weaker dollar and strong oil prices. 

 Global nickel markets ended in small deficit of 4,400 tonnes in January-February 2016 with apparent demand exceeding production. The calculated full year surplus had stood at 10.8 kt during the whole year 2015, according to the latest data released by the World Bureau of Metal Statistics (WBMS). Technically market is under short covering as market has witnessed drop in open interest by -6.16% to settled at 11854 while prices up 1.3 rupee, now Nickel is getting support at 604.5 and below same could see a test of 598.3 level, And resistance is now likely to be seen at 615.9, a move above could see prices testing 621.1.

             Trading Ideas

  • Nickel trading range for the day is 598.3-621.1.

  • Nickel prices ended with gains supported by a weaker dollar and strong oil prices.

  • Global nickel demand will slightly outpace supply this year, the International Nickel Study Group said, ending four years of surplus.

  • Output of nickel will drop to 1.913 million tonnes in 2016, although consumption will increase to 1.962 million tonnes, it said. 

  • Ripples Advisory company is best serves provider company in indore.we are providing commodity market tips.& content this no.9827210746,9039089382,9039089375

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