FREE NICKEL TIPS : 03.01.2017
Nickel on MCX settled up 1.07% at 690.70 while upside remain capped as worries of weakening demand receded with expectations that consumption will be strong in China and the United States. The Chinese New Year holiday in the first quarter of 2017 will mean slowing manufacturing activity, which could cap the metal's upside temporarily. After Indonesia implemented a ban on nickel ore exports in January 2014, Chinese enterprises have stepped up their efforts to establish nickel smelters in Indonesia to meet growing nickel pig iron (NPI) demand from China’s stainless steel sector. Prior to the ban in 2014, Indonesia was the top supplier of laterite ore to China, supplying more than 50% of Chinese imports. Since then, almost all of the NPI produced by China-backed projects in Indonesia has been delivered to China in order satisfy the country’s rising demand, while Chinese domestic NPI production has largely remained flat this year. In the week ahead, investors will be looking ahead to Friday’s U.S. employment report for December along with Wednesday’s minutes of the Fed’s December meeting. While US data on manufacturing and service sector activity will also be in focus. Market watchers will also be awaiting euro zone inflation data on survey data from the UK on manufacturing, service and construction sector activity. Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 17060 while prices up 7.3 rupee, now Nickel is getting support at 686.6 and below same could see a test of 682.4 level, And resistance is now likely to be seen at 693.5, a move above could see prices testing 696.2.
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Nickel on MCX settled up 1.07% at 690.70 while upside remain capped as worries of weakening demand receded with expectations that consumption will be strong in China and the United States. The Chinese New Year holiday in the first quarter of 2017 will mean slowing manufacturing activity, which could cap the metal's upside temporarily. After Indonesia implemented a ban on nickel ore exports in January 2014, Chinese enterprises have stepped up their efforts to establish nickel smelters in Indonesia to meet growing nickel pig iron (NPI) demand from China’s stainless steel sector. Prior to the ban in 2014, Indonesia was the top supplier of laterite ore to China, supplying more than 50% of Chinese imports. Since then, almost all of the NPI produced by China-backed projects in Indonesia has been delivered to China in order satisfy the country’s rising demand, while Chinese domestic NPI production has largely remained flat this year. In the week ahead, investors will be looking ahead to Friday’s U.S. employment report for December along with Wednesday’s minutes of the Fed’s December meeting. While US data on manufacturing and service sector activity will also be in focus. Market watchers will also be awaiting euro zone inflation data on survey data from the UK on manufacturing, service and construction sector activity. Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 17060 while prices up 7.3 rupee, now Nickel is getting support at 686.6 and below same could see a test of 682.4 level, And resistance is now likely to be seen at 693.5, a move above could see prices testing 696.2.
