MCX Nickel Target Level 900—920, Above 800 Level Any Panic buy

MCX Nickel yesterday settled up by 0.74% at 866.4 as investors eyed further stimulus by major countries to cushion the worldwide economic meltdown triggered by the coronavirus pandemic.

Gains werelimited as widespread lockdowns to curbthe outbreak threatened the demand outlook.The global nickel-market surplus widened to 13,100 tonnes in January from a surplus of 5,200 tonnes in the previousmonth, the International Nickel Study Group (INSG) said.

The Januaryfigure compares with a deficit of 3,500 tonnes in the same month of 2019.European Union lawmakers also approved emergency funds to stem the bloc’s economicslump.Leaders of the group of 20 major economies said theywould “do whatever it takes to overcome the pandemic,” pledging to inject over $5 trillion into the globaleconomy to limit job and income losses.

China’s nickel ore imports in the first two months of 2020 fell 5.1% from a year earlier, according to calculationsbased on customsdata, as the ban on exports from top miner Indonesia came into force.

MCX Nickel Target Level 900—920, Above 800 Level Any Panic buy via @goldsilverrepor
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