Nickel Copper Tips Today: Nickel MCX yesterday settled up by 2.29% at 1240 as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier, the exchange said.
The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed.
With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home.
That meant the economy was expected to recover at a much weaker rate this quarter than had been expected only a month previously. But IHS Markit’s flash Composite Purchasing Managers’ Index, seen as a good guide to economic health, rose to a nine month high of 53.7 from March’s 53.2.
A PMI for the dominant service industry rose to 50.3 from last month’s 49.6. The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.
During the first two months of the year, the global market saw a surplus of 9,700 tonnes, down from a surplus of 29,300 tonnes in the same period of 2020, Lisbon-based INSG added.
MCX Nickel Trading Tips Today:
- MCX Nickel (May) trading zone for today is 1232—1282.
- Nickel prices gained as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier.
- The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns.
- The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month.
MCX Copper yesterday settled up by 1.48% at 739.9 as the dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week.
Support also seen after the United States and other countries hiked targets for slashing greenhouse gas emissions, as the metal is expected to benefit from green investments into electric vehicles or renewable energy.
The European Central Bank left policy unchanged, extending a rebound following a sharp sell-off earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike.
The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed.
With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home.
That meant the economy was expected to recover at a much weaker rate this quarter than had been expected only a month previously. China’s refined copper output rose 18.2% year-on-year in March but the monthly total of 870,000 tonnes was the lowest since July, data from the National Bureau of Statistics showed.
As Expected Nickel Copper Tips Today
MCX Copper Trading Tips Today:
- Copper trading zone for today 745—758.
- Copper prices gained as the dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week.
- The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April.
- China’s refined copper output rose 18.2% year-on-year in March but the monthly total of 870,000 tonnes was the lowest since July.
