MCX Nickel Tips Today: Nickel yesterday settled up by 4.21% at 1318.2 on the further signs of recovery in the US labour market and as it was reported that Biden administration is set to propose $6 trillion budget in 2022.
U.S. Senate Republicans are expected to unveil a new offer that would spend about $1 trillion on roads, bridges and broadband systems. The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.
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Lisbon-based INSG’s original estimate of the market balance for February was a 6,200 tonne surplus. During the first three months of the year, the global market saw a deficit of 18,700 tonnes, down from a surplus of 38,000 tonnes in the same period of 2020, INSG’s data showed.
The initial claims fell to a fresh pandemic low of 406K, well below forecasts of 425K. Other fresh data sent mixed signals about the economic recovery: Q1 GDP growth was unrevised at 6.4% but PCE prices were revised higher while both corporate profits and durables goods declined.
Meanwhile, fresh inflation figures due on Friday will provide a further update on price pressures. The S&P 500 was also in the green but the Nasdaq was slightly down as Treasury yields edge higher.
MCX Nickel Tips Today And Trading Calls:
- MCX Nickel trading range for the day is 1277.6-1349.2.
- Nickel gained buoyed by demand optimism on reports of U.S. President Joe Biden’s plans to make a $6 trillion budget announcement.
- China’s industrial profits logged a sharp increase in January to April period, data released by the National Bureau of Statistics revealed.
- The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month.