Nickel yesterday traded with the negative node and settled -3.99% down at 1113.4 as commodity price slump overnight further added investors concern over global economy outlook. LME nickel prices fell sharply by USD 1,200/mt or by 4.7% to close at USD 24,525/mt. LME nickel prices fell below USD 25,000/mt to reach the level last seen in early January 2011.
Thursday's data from Germany Economics Ministry showed, industrial orders in March slipped by 4.0% from a month earlier, while the previous estimation was a growth of 0.1%. Comments by the PBoC in its quarterly monetary policy report reiterated its dedication to easing inflation through various tightening tools. For today's session market is looking to take support at 1094.8, a break below could see a test of 1076.2 and where as resistance is now likely to be seen at 1145, a move above could see prices testing 1176.6.
Nickel trading range is 1076.2-1176.6.
Nickel ended weak as commodity price slump overnight further added investors concern over global economy
Nickel is having resistance at 1145 and support at 1094.80 level.Spread between nickel MAY & JUN contracts yesterday traded in the range of 7.80 - 9.5.
Crude eased below $100 a barrel on Thursday seen a biggest sell off of almost -6.51 finally settled at 4577 for the first time since March as a commodities sell-off continued amid persistent worries about economic growth and tighter monetary policies. The decline came after early selling stoked by data showing the number of Americans filing for jobless benefits rose to an eight-month high last week and productivity growth slowed in the first quarter.
Additional pressure came from news that OPEC is considering raising formal output limits when it meets in June to convince oil markets it wants to bring prices down and reverse the impact of fuel inflation on economic growth. Now technically market is trading in the range as RSI for 18days is currently indicating 33.29, where as 50DMA is at 4848 and crude is trading below the same and getting support at 4448 and below could see a test of 4320 level, And resistance is now likely to be seen at 4792, a move above could see prices testing 5008.
Crude oil trading range is 4320-5008.
Crude oil ended lower as investors staged an unprecedented stampede for the exits.
Crude looks to test support at 4448 and resistance is seen at 4792.
OPEC was considering raising formal output limits when it meets in June to convince oil markets