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yesterday settled up by 0.65% at 1554.5 as the pure nickel inventory has been low and dropped continuously, underpinning nickel prices. However, the support was weak amid a comparatively balanced supply and demand pattern. China imported 299,000 mt of NPI and ferronickel in October 2021, a decrease of 2.42% month-on-month but a growth of 10.09% year-on-year, according to customs data. The cumulative imports from January to October were 3.1 million mt. The total Ni content of imported NPI and ferronickel in October stood at 46,000 mt, a decrease of 2.42% month-on-month but an increase of 15.26% year-on-year.
The imports of NPI were approximately 250,000 mt in October, a decrease of 2.7% month-on-month. And the imports of ferronickel stood at approximately 49,900 mt, an increase of 4.51% month-on-month. Customs data showed that China imported 4.476 million mt (denotes both dmt and wmt) of nickel ore in October, down 21.3% month on month and 12.2% year on year. The imports from the Philippines stood at 4.01 million mt, a decrease of 22.8% on the month and 12.63% on the year. The imports from New Caledonia stood at 281,000 mt, a decrease of 3.2% from the previous month.
Technically market is under fresh buying as the market has witnessed a gain in open interest by 43.65% to settled at 1425 while prices up 10.1 rupees, now Nickel is getting support at 1544.9 and below same could see a test of 1535.4 levels, and resistance is now likely to be seen at 1567.2, a move above could see prices testing 1580.
Trading Ideas:
# Nickel trading range for the day is 1535.4-1580.
# Nickel gained as the pure nickel inventory has been low and dropped continuously, underpinning nickel prices.
# China NPI and Ferronickel Imports Dipped 2.42% in October
# Monsoon season in Philippines drove declines in China nickel ore imports in October
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