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Nickel Likely To Move In A Range Of 745.9-799.9

By CommodityOnline (Commodity Online)CommoditiesDec 07, 2018 14:35
in.investing.com/analysis/nickel-likely-to-move-in-a-range-of-74597999-200206518
Nickel Likely To Move In A Range Of 745.9-799.9
By CommodityOnline (Commodity Online)   |  Dec 07, 2018 14:35
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Technically Nickel market is getting support at 756.8 and below same could see a test of 745.9 level, And resistance is now likely to be seen at 783.8, a move above could see prices testing 799.9.

Nickel on MCX settled down 3.22% at 767.60 tracking other metals prices which came under pressure in line with broad market weakness in equities, bond yields and increased trade tensions between the United States and China seem to be weighing on sentiment.

The base metals prices have lost the shine they garnered in the aftermath of the positive trade developments seen at this past weekend’s G20 meeting, but most are holding up in or near recent high ground – the exception being copper that has given back all of its post-G20 gains.

We still feel that the trade truce offers an opportunity for stronger growth but it looks as though the market is waiting for evidence of this before it restocks. Last night most base metals ended in negative territory whereby LME nickel slumped over 3%, aluminium dropped 1.6%, copper slid some 1% and zinc lost 0.4% while lead gained 0.4%.

The US dollar weakened against major peers on Thursday as US Treasury yields tumbled and traders scaled back expectations on the number of rate hikes the Federal Reserve would implement amid weakening economic data and heightened market volatility.

Separately, data showed private employers hired fewer workers than expected in November, pointing to a moderation in the pace of job growth.

Now a day ahead Economic data slated for release today include China’s November foreign exchange reserves, the eurozone’s third-quarter GDP growth and US November nonfarm payrolls report, the University of Michigan’s December consumer confidence index and October wholesale inventories.

Trading Ideas:
--Nickel trading range for the day is 745.9-799.9.
--Nickel dropped as pressure after the arrest of a top Chinese executive in Canada dampened hopes for a resolution to the U.S.-China trade conflict.
--The Philippine Nickel Industry Association (PNIA) is projecting a decline in nickel production of 10-20% in 2019
--Indonesia has granted permission for two commodity companies in the country to restart exports of nickel ore as they have made progress on smelter projects.

Nickel Likely To Move In A Range Of 745.9-799.9
 

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Nickel Likely To Move In A Range Of 745.9-799.9

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