Gold Silver Reports – Technically Nickel MCX is under fresh selling as market has witnessed gain in open interest by 4.58% to settled at 10820 while prices down -2.3 rupees.
NICKEL MCX UPATES
Nickel MCX Sell on Rise, Target 755—742 Trade With 500 Lots or Pocket Size Trade
Nickel MCX is getting support at 754 and below same could see a test of 742 level, And resistance is now likely to be seen at 777, a move above could see prices testing 784.
>>> STOP LOSS PAID <<<
Nickel MCX settled down -0.3% at 767.7 as prices tumbled after touching a 5-week peak in the previous session, with prices dampened by waning demand for steel.
Steel demand in the world’s top producer and consumer of the metal cooled as construction slowed with lower temperature in China’s northern regions.
Customs data showed on Tuesday that China’s imports of refined nickel and nickel alloy surged 55.7 percent in November from the same month a year ago to 26,349 tonnes.
Nickel consumption in China’s electroplating industry is set to slide further in 2018 as increasingly strict control over environmental protection saw plants shutting down.
Beijing is likely to set its 2018 money growth target at an all-time low of around 9 percent to curb debt risks and contain asset bubbles, the official China Daily reported, citing economists involved in high-level policy discussions.
Read More: Silver Spot Above $16.10 Target $16.80—$17.30
China needs to let local governments take responsibility for their finances, including allowing bankruptcies, as part of an effort to defuse their debt risks, a central bank official wrote.
Most of the markets were closed for Christmas, while last week, President Donald Trump signed into law the $1.5 trillion tax reform bill, which cuts the corporate tax rate from 35% to 21%. – Neal Bhai Reports
