Nickel settled flat concern that demand will ebb after a report showed manufacturing increased less than expected in China. The Institute for Supply Management said its manufacturing PMI rose to 54.9 last month from 53.7 in March, outpacing expectations for a 54.3 reading.
The reports came one day after data showed that the U.S. economy expanded at an annual rate of just 0.1% in the first quarter, well below forecasts for an expansion of 1.2%, though markets attributed the poor showing to rough winter weather that disrupted commerce earlier this year.
A series of economic data from Europe and the US will be released today, with the market cautious before the reports. Indonesia, the top nickel producer from mines, barred exports of unprocessed ore in January as the nation tries to move away from raw ore sales to processed commodities and higher-value products.
In the euro zone, despite higher consumer confidence index, economic confidence index dropped to 102 in April, its first decline in a year.
Germany’s CPI rose 1.3% in April, below the 1.4% forecast. In the US, the Case-Shiller’s 20-city home price index advanced 12.9% YoY in February, the lowest growth since last August and falling short of the 13% expectation.
Technically market is under fresh buying as market has witnessed gain in open interest by 3.99% to settled at 10422 while prices up 1 rupee, now Nickel is getting support at 1097.7 and below same could see a test of 1087.2 level, and resistance is now likely to be seen at 1113.8, a move above could see prices testing 1119.4.
Trading Ideas:
--Nickel trading range for the day is 1087.2-1119.4.
--Nickel ended with losses on profit booking after prices gained on supply concerns, spanning from ore in Indonesia to sanctions on Russia
--Data showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.
--The Institute for Supply Management said its manufacturing PMI rose to 54.9 last month from 53.7 in March, outpacing expectations for a 54.3 reading
www.punjiniveshonline.com
The reports came one day after data showed that the U.S. economy expanded at an annual rate of just 0.1% in the first quarter, well below forecasts for an expansion of 1.2%, though markets attributed the poor showing to rough winter weather that disrupted commerce earlier this year.
A series of economic data from Europe and the US will be released today, with the market cautious before the reports. Indonesia, the top nickel producer from mines, barred exports of unprocessed ore in January as the nation tries to move away from raw ore sales to processed commodities and higher-value products.
In the euro zone, despite higher consumer confidence index, economic confidence index dropped to 102 in April, its first decline in a year.
Germany’s CPI rose 1.3% in April, below the 1.4% forecast. In the US, the Case-Shiller’s 20-city home price index advanced 12.9% YoY in February, the lowest growth since last August and falling short of the 13% expectation.
Technically market is under fresh buying as market has witnessed gain in open interest by 3.99% to settled at 10422 while prices up 1 rupee, now Nickel is getting support at 1097.7 and below same could see a test of 1087.2 level, and resistance is now likely to be seen at 1113.8, a move above could see prices testing 1119.4.
Trading Ideas:
--Nickel trading range for the day is 1087.2-1119.4.
--Nickel ended with losses on profit booking after prices gained on supply concerns, spanning from ore in Indonesia to sanctions on Russia
--Data showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.
--The Institute for Supply Management said its manufacturing PMI rose to 54.9 last month from 53.7 in March, outpacing expectations for a 54.3 reading
www.punjiniveshonline.com
No comments:
Post a Comment