FREE NICKEL TIPS 29-12-2016
Philippine Department of Environment and Natural Resources (DENR) is reviewing environmental compliance certificates (ECC) granted by previous governments. The ECC of seven projects, including those for three nickel
producers, have recently been cancelled, local media reported. China’s nickel imports lurched lower by 38.8 per cent to 16,919 tonnes, zinc imports plunged 63.5 per cent to 25,424 tonnes. The figures accelerated a slide
already underway in steel-making ingredients, dragging on some of the year’s top performing metals. Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 23. Nickel ore inventories at
seven major Chinese ports were down 230,000 tonnes on a weekly basis. Over this past week, the Port of Lianyungang saw arrivals of 80,000 wmt of goods and with new ore goods expected. Supply-side issues in Indonesia
and the Philippines have again taken centre stage in the nickel market, the latest being word that regulation is being drafted by the Indonesian government to ease its export ban on raw materials, including nickel ore. Talk
on the Indonesian government relaxing its export ban on raw materials had surfaced regularly in the market over the past year but chatter on the issue has picked up further in this quarter of the year. Technically market is
under long liquidation as market has witnessed drop in open interest by -5.78% to settled at 12167, now Nickel is getting support at 682.2 and below same could see a test of 677.3 level, And resistance is now likely to be
seen at 695.4, a move above could see prices testing 703.7.
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Nickel on MCX settled down -2.53% at 687 as pressure seen weighed by any relaxation in Indonesia’s export ban on nickel ore though the decline could be offset by potential production disruptions in the Philippines. ThePhilippine Department of Environment and Natural Resources (DENR) is reviewing environmental compliance certificates (ECC) granted by previous governments. The ECC of seven projects, including those for three nickel
producers, have recently been cancelled, local media reported. China’s nickel imports lurched lower by 38.8 per cent to 16,919 tonnes, zinc imports plunged 63.5 per cent to 25,424 tonnes. The figures accelerated a slide
already underway in steel-making ingredients, dragging on some of the year’s top performing metals. Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 23. Nickel ore inventories at
seven major Chinese ports were down 230,000 tonnes on a weekly basis. Over this past week, the Port of Lianyungang saw arrivals of 80,000 wmt of goods and with new ore goods expected. Supply-side issues in Indonesia
and the Philippines have again taken centre stage in the nickel market, the latest being word that regulation is being drafted by the Indonesian government to ease its export ban on raw materials, including nickel ore. Talk
on the Indonesian government relaxing its export ban on raw materials had surfaced regularly in the market over the past year but chatter on the issue has picked up further in this quarter of the year. Technically market is
under long liquidation as market has witnessed drop in open interest by -5.78% to settled at 12167, now Nickel is getting support at 682.2 and below same could see a test of 677.3 level, And resistance is now likely to be
seen at 695.4, a move above could see prices testing 703.7.
