MCX NICKEL NEWS : 04.01.2017
Nickel on MCX settled down -1% at 683.8 on profit booking after prices gained as business picked up as market participants returned from the seasonal holidays. U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading. China’s official manufacturing PMI for December was 51.4, marking the second-highest level for 2016 though lower than 51.7 for November. This also marked five consecutive months of economic expansion. At the same time, the Caixin manufacturing PMI for December hit 51.9, beating market expectations of 50.9 while also reaching its highest level since January 2013. Nickel stocks were 786 tonnes higher at 372,066 tonnes and cancelled warrants fell 72 tonnes to 126,120 tonnes. The three-month tin price was at $20,955 per tonne, down $170. Stocks were up five tonnes to 3,750 tonnes and cancelled warrants decreased 45 tonnes to 790 tonnes. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 9.24% to settled at 18637 while prices down -6.9 rupee, now Nickel is getting support at 675.3 and below same could see a test of 666.8 level, And resistance is now likely to be seen at 697.1, a move above could see prices testing 710.4.
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Nickel on MCX settled down -1% at 683.8 on profit booking after prices gained as business picked up as market participants returned from the seasonal holidays. U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading. China’s official manufacturing PMI for December was 51.4, marking the second-highest level for 2016 though lower than 51.7 for November. This also marked five consecutive months of economic expansion. At the same time, the Caixin manufacturing PMI for December hit 51.9, beating market expectations of 50.9 while also reaching its highest level since January 2013. Nickel stocks were 786 tonnes higher at 372,066 tonnes and cancelled warrants fell 72 tonnes to 126,120 tonnes. The three-month tin price was at $20,955 per tonne, down $170. Stocks were up five tonnes to 3,750 tonnes and cancelled warrants decreased 45 tonnes to 790 tonnes. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 9.24% to settled at 18637 while prices down -6.9 rupee, now Nickel is getting support at 675.3 and below same could see a test of 666.8 level, And resistance is now likely to be seen at 697.1, a move above could see prices testing 710.4.
