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Nickel MCX Expected Trading Zone 645-675

Nickel MCX Expected Trading Zone 145-175Neal Bhai Reports — Nickel MCX Expected Trading Zone 145-175 — Nickel on MCX settled down -0.53% at 659 after the Philippines deferred releasing the results of a mining audit until next week. Prices also remained under pressure amid weak prices in the steel market as China supply ramps back up following a G20-linked shutdown. China’s nickel ore imports from the Philippines are expected to fall by 22-25 per cent in 2016. The Philippines began environmental crackdowns on local nickel mines about two months ago.

The review work has been completed, but the final result has yet to be released. Gina Lopez, head of the country’s Department of Environment and Natural Resources (DENR) said Sep. 5 that more mines will face shutdowns, including large ones. The monsoon in Zambales will come to an end when Surigao begins entering the monsoon. If the four mines, having already closed in Zambales, remain offline by October, China’s nickel ore imports from the Philippines will face a dramatic fall in Q4 2016. China’s nickel ore imports from the Philippines to tumble to 25.5-26.5 million tonnes in 2016.

China’s refined nickel output dropped as Jinchuan Group slashed output. Refined nickel imports soared in the first half of 2016. But as import losses were high after June, refined nickel imports should dropped significantly in Q3 from Q2. China’s stainless steel output fell sharply during July-August because of environmental protection inspections and maintenance at stainless steel plants and G20 Summit in Hangzhou. Technically market is under fresh selling as market has witnessed gain in open interest by 12.58% to settled at 20933 while prices down -3.5 rupee, now Nickel is getting support at 653 and below same could see a test of 645 level, and resistance is now likely to be seen at 665.1, a move above could see prices testing 675. — Gold Silver Reports

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