Gold Silver Reports – Free MCX Nickel Tips, Above 845 Buy Every Dips Target 905—940 — Technically Nickel market is under long liquidation as market has witnessed drop in open interest by 32.11% to settled at 6764 while prices down 27.6 rupees.
Buy on Dips, Above 845 Buy and Realxxxxxxxx
Don’t Panic at Lower Levels, Buy and Relaxxx
MCX Nickel is getting support at 852 and below same could see a test of 845 level and resistance is now likely to be seen at 894, a move above could see prices testing 940
Nickel on MCX settled down 3.09% at 866.8 pressured by a bounce in the dollar index, lifted by data showing the strongest U.S. annual wage growth since 2009, raising the prospect of accelerating inflation and more U.S. interest rate hikes than expected this year.
China, the world’s top nickel consumer, is expected to ramp up imports, as environmental regulations put in place by the government have shut down capacity in the Asian country.
The latest data shows that China’s nickel imports more than doubled in December from a year earlier, to 41,315 tonnes.Another factor impacting the nickel market is buying by some funds due to a potential demand surge for electric car batteries.
US premiums were stable, despite the expensive LME price slightly dampening spot market demand. Indonesia’s PT Tomah said it was aiming for an 18 percent increase in output this year to around 36,700 tonnes, with prices of the metal expected to be between $20,000 and $22,000 per tonne.
Japan’s Sumitomo Corp said it has resumed production at the Ambatovy nickel-cobalt project in Madagascar from end-January after halting operations earlier last month due to damages caused by cyclone.
The operation at the Ambatovy is still slow, but it plans to gradually ramp up output, a Sumitomo spokesman said. Sumitomo plans to disclose its estimate of nickel output at the Ambatovy for the January-March quarter on Feb. 8 when it announces its April-Dec corporate earnings. – Goldman Neal Bhai Reports
