Nickel Gains as the Pure Nickel Inventory has Been Low and Dropped Continuously

Nickel Gains as the Pure Nickel Inventory has Been Low and Dropped Continuously


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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