Nickel settled up 1.61% at 1115 as dwindling nickel
supplies after Indonesia's ban of ore exports pushed the prices up. The
threat of economic sanctions against Russia's mining industry if
geopolitical tensions with Ukraine persist also buoyed prices.
Physical supply of nickel has stabilised in Europe as consumers slowed a burst of stockpiling triggered by fears an Indonesia's export ban from January would make ore scarce, although the market is expected to swing into deficit next year as inventories dwindle.
A narrowing differential between cash and benchmark prices reflects growing appetite for spot nickel supplies that is underpinning prices.
Two workers at First Nickel Inc's Lockerby Mine have died in an accident underground at the Sudbury, Ontario operation, the company said on Tuesday, bringing the total to six of those killed in area mines in the past three years. First Nickel said both workers, Marc Methe, 34, and Norm Bissaillon, 49, were drillers employed by Taurus Drilling Services.
All underground work at the northern Ontario mine has been suspended. LME nickel prices opened at USD 18,288/mt overnight, with the high end of the price range USD 18,595/mt, and finding support at USD 18,278/mt. Finally, LME nickel prices closed at USD 18,552/mt, up USD 267/mt from the previous trading day.
Trading volumes increased by 1,814 lots, to 5,168 lots, and total positions decreased by 300 lots to 234,087 lots. Inventories fell by 12 mt, to 279,516 mt.
Technically market is under fresh buying as market has witnessed gain in open interest by 0.8% to settled at 9254 while prices up 17.7 rupee, now Nickel is getting support at 1102.5 and below same could see a test of 1090 level, and resistance is now likely to be seen at 1125, a move above could see prices testing 1135.
Trading Ideas:
--Nickel trading range for the day is 1090-1135.
--Nickel ended with gains as dwindling nickel supplies after Indonesia's ban of ore exports pushed the prices up.
--The threat of economic sanctions against Russia's mining industry if geopolitical tensions with Ukraine persist also buoyed prices.
--Physical supply of nickel has stabilised in Europe as consumers slowed a burst of stockpiling
www.punjiniveshonline.com
Physical supply of nickel has stabilised in Europe as consumers slowed a burst of stockpiling triggered by fears an Indonesia's export ban from January would make ore scarce, although the market is expected to swing into deficit next year as inventories dwindle.
A narrowing differential between cash and benchmark prices reflects growing appetite for spot nickel supplies that is underpinning prices.
Two workers at First Nickel Inc's Lockerby Mine have died in an accident underground at the Sudbury, Ontario operation, the company said on Tuesday, bringing the total to six of those killed in area mines in the past three years. First Nickel said both workers, Marc Methe, 34, and Norm Bissaillon, 49, were drillers employed by Taurus Drilling Services.
All underground work at the northern Ontario mine has been suspended. LME nickel prices opened at USD 18,288/mt overnight, with the high end of the price range USD 18,595/mt, and finding support at USD 18,278/mt. Finally, LME nickel prices closed at USD 18,552/mt, up USD 267/mt from the previous trading day.
Trading volumes increased by 1,814 lots, to 5,168 lots, and total positions decreased by 300 lots to 234,087 lots. Inventories fell by 12 mt, to 279,516 mt.
Technically market is under fresh buying as market has witnessed gain in open interest by 0.8% to settled at 9254 while prices up 17.7 rupee, now Nickel is getting support at 1102.5 and below same could see a test of 1090 level, and resistance is now likely to be seen at 1125, a move above could see prices testing 1135.
Trading Ideas:
--Nickel trading range for the day is 1090-1135.
--Nickel ended with gains as dwindling nickel supplies after Indonesia's ban of ore exports pushed the prices up.
--The threat of economic sanctions against Russia's mining industry if geopolitical tensions with Ukraine persist also buoyed prices.
--Physical supply of nickel has stabilised in Europe as consumers slowed a burst of stockpiling
www.punjiniveshonline.com
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