Nickel MCX Tips Today – Intraday Call Rocking 1,105 to 1,112.10Hit High 1,112.10, Trading Zone 1,087—1,130. MCX Nickel is getting support at 1095 and below same could see a test of 1083 levels, and resistance is now likely to be seen at 1,122 above could see prices testing 1,130.
Nickel yesterday settled up by 0.24% at 1107.6 on concern over supply from the Philippines, the leading exporter of the stainless steel raw material.
Nickel MCX ore output from the Philippines, the world’s biggest exporter of the material, dropped 28% year on year to 102,310 tonnes by metal content over January-June, data showed.
China is living up to its end of the trade deal the two parties signed in January, US President Donald Trump said. Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of US crude for August and September. Meanwhile, tensions between the US and China still kept investors on edge.
The Trump administration announced on Monday it will further tighten restrictions on Huawei, aimed at cracking down on the Chinese telecom giant access to commercially available chips.
The New York Fed’s Empire State business conditions index fell to 3.7 in August versus 17.2 in July. The reading indicates a slowdown in the manufacturing sector though the results were partially offset by strong housing data.
US dollar fell for four straight trading days, and recorded a new low since August 7 of 92.76 as weak results from a regional manufacturing survey added to doubts sowed by grim data last week that the US recovery is on shaky grounds.
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