Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 6.64% to settled at 15672 while prices down 4.5 rupees.
Now MCX Nickel is getting support at 769.8 and below same could see a test of 767.1 level, And resistance is now likely to be seen at 777.4, a move above could see prices testing 782.3.
Nickel on MCX settled down 0.58% at 772.6 as investors shrugged off upbeat comments from U.S. President Donald Trump about a potential trade deal with China. China and the US discussed plans for talks to avert a trade war between the world’s two biggest economies.
White House officials and China’s commerce ministry said that Chinese Vice Premier Liu He, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer spoke on a telephone call, but offered no details what they discussed.
Chinese banks extended 1.25 trillion yuan ($182 billion) in new yuan loans in November, up from 697 billion yuan in October, the People's Bank of China (PBOC) said in a statement on its website.
Broad M2 money supply, a broad measure of money supply that covers cash in circulation and all deposits, grew 8% in November from a year earlier, matching forecasts and in line with the previous month, PBOC data showed.unexpectedly rose in November as increases in the costs for services offset a sharp decline for energy products, but the overall momentum in wholesale inflation appears to be slowing.
The Labor Department said its producer price index (PPI) for final demand edged up 0.1% last month after jumping 0.6% in October. On a yearly basis, the PPI rose 2.5%, slowing from October's 2.9% surge. German investor confidence rose strongly in December, defying expectations for a modest weakening.
--Nickel trading range for the day is 767.1-782.3.
--Nickel dropped as investors shrugged off upbeat comments from U.S. President Donald Trump about a potential trade deal with China.
--China and the US discussed plans for talks to avert a trade war between the world’s two biggest economies.
--Chinese banks extended 1.25 trillion yuan ($182 billion) in new yuan loans in November, up from 697 billion yuan in October, the PBOC said.
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