Nickel MCX Tips Today : Nickel yesterday settled up by 2.63% at 1315.9 as the better-than-expected US first-time filings for unemployment benefits in the week ended January 30 lifted market sentiment.
The number of first-time unemployment-benefits filers in the US totaled 779,000 in the week ending January 30, the lowest since November 2020. A gradual recovery in the labour market boosted risk appetite.
Nickel ore inventories across all Chinese ports decreased 17,000 wmt from January 29 to 8.08 million wmt as of February 5, showed data.Data also showed that nickel ore stocks across seven major Chinese ports increased 93,000 wmt during the same period to 6.46 million wmt.
Nickel MCX Tips Today
- Nickel prices gained as the better-than-expected US first-time filings for unemployment benefits in the week ended January 30 lifted market sentiment.
- Nickel ore inventories across all Chinese ports decreased 17,000 wmt from January 29 to 8.08 million wmt as of February 5, showed data.
- The number of first-time unemployment-benefits filers in the US totaled 779,000 in the week ending January 30, the lowest since November 2020.
Inventories of refined nickel in the Shanghai bonded areas remained unchanged from a week ago and stood at 16,600 mt as of February 5, showed data. The import window only opened briefly on Monday this week, and then turned into a continuous loss state.
Therefore, few refined nickel from bonded areas flew into domestic market, and cargoes under long-term contracts arriving at port were also limited. The Bank of England left monetary policy unchanged following its first meeting of 2021, with its main lending rate held at 0.1% and target stock of asset purchases kept at £895 billion ($1.2 trillion).
