MCX Nickel Next Target 998—918 Any Panic Buy Stop Loss Paid
MCX Nickel yesterday settled down by 3.14% at 893.5 prices dropped as downbeat industrial data from China and emergency interestrate cut from the US FederalReserve underscored the potentially crippling blow of the coronavirus pandemic to the globaleconomy.
China’s industrial output declined 13.5% in the January-February period from a year earlier, compared with December’s 6.9% increase, the NationalBureau of Statistics. The Philippines will ban vessels from entering Surigao del Norte from March 18 to the end of themonth spurred concerns about nickel ore supply.
Indonesia targets to producethis year 2.02 million tonnes of processed nickel, such as nickel pig iron and ferronickel, as well as 78,000 tonnes of nickel matte, Energy and Mineral Resources data showed.
In comparison, the output of processed nickellast year was 1.79 million tonnes and nickel matte output was 71,000 tonnes, the data showed.
This year as of March 6, major nickelproducer Indonesia, has produced 69,912 tonnes of nickel pig iron and 178,436 tonnes of ferronickel. The output of nickel matte as of March 6 was 12,868 tonnes.
The U.S. Federal Reserve cut interestrates to almost zero in another emergency move to shore up the world’s largest economy. It is part of a coordinated action announced on Sunday in the U.K., Japan, eurozone, Canada, and Switzerland.