Gold Silver Reports – Technically Nickel market is under fresh selling as market has witnessed gain in open interest by 0.03% to settled at 21703 while prices down 3.5 rupees.
Nickel MCX is getting support key at 704 and below same could see a test of 699 levels and resistance key is now likely to be seen at 724, a move above could see prices testing 732
Nickel MCX settled down 0.49% at 713.1 as moves were muted ahead of an expected interest rate increase from the U.S. Federal Reserve.
One low-grade NPI plant in Shandong Province suspended its NPI production last weekend and switched to straight carbon steel production. Philippines’s expected nickel ore export will reach 1.52 million wet tons in November, dropping dramatically compared with October.
Those exported nickel ore is translated to 13,200 tons for metal content, dropping 65% on monthly basis. Concerning ore grade, Philippine exports 10 vessels’ high-grade nickel ore, 14 vessels’ medium-grade nickel ore and 4 vessels’ low-grade nickel ore in November.
Distinct export drop of Philippines’s nickel ore is mainly caused by slumping shipment due to wet season in Surigao, whereas shipment in Palawan and Zambales fails to gain a clear rise. The expected medium and high-grade nickel ore exported by Indonesia will increase 3 vessels to 13 vessels in December, which is better than November.
Read More: MCX Nickel Zinc Reports and Tips
China’s central bank nudged money market interest rates upward just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilizing capital outflows without hurting economic growth. The People’s Bank of China called it a “normal market reaction” to the Fed that would keep interest rate expectations reasonable and help with the deleveraging campaign. – Neal Bhai Reports
