" /> Nickel Intraday Trading Level 618-580 | Gold Silver Reports
Monday, October 24th, 2016 11:46 PM
Breaking News

Home / Analysis / Nickel Intraday Trading Level 618-580

Nickel Intraday Trading Level 618-580

Nickel Intraday Trading Level 618-580

Gold Silver Reports — Nickel prices ended flat as LME nickel ended unchanged at $9,100 a tonne after moving as high during the day to $9,360 a tonne as market sentiment turned more upbeat despite persistent oversupply.

Commodities prices have been lifted by a wave of speculative investment, backed by a credit-driven pickup in Chinese demand, with base metals caught up in a surge in iron ore prices.

In news, creditors of an Australian nickel company owned by embattled politician Clive Palmer voted on Friday to wind up the company and chase millions of dollars owned to creditors and workers. Nickel inventories have been drawing. China looks the strongest in months and global stainless steel production has stabilized.

Many larger-miners said they are considering potential shutdowns at loss-making operations. As a result, we see nickel prices rallying in second half 2016. Factory conditions in the U.S. remain soft as the PMI Manufacturing Index flash reading for April fell 0.6 to 50.8, sharply below expectations of 52.0.

Any reading above 50.0 provides indications of monthly growth. Nevertheless, April’s flash reading represents its lowest level since the start of the recovery of global financial markets. Metal traders continued to digest relatively dovish comments from European Central Bank president Mario-Draghi on Thursday regarding the likelihood of future easing measures from the central bank.

It came after the ECB’s Governing Council left its benchmark interest rate for the euro zone at a record-low of zero and its deposit rate unchanged at Minus-0.4%. Technically market is under fresh selling as market has witnessed gain in open interest by 7.55% to settled at 14343,

Now Nickel is getting support at 591 and below same could see a test of 582 level, and resistance is now likely to be seen at 618, a move above could see prices testing 638. — Neal Bhai Reports

About Pia

Check Also

8830 to be Key Resistance for Nifty – TECHNICAL ANALYSIS

Neal Bhai Reports — 8830 to be Key Resistance for Nifty – TECHNICAL ANALYSIS — …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA