By Ajay Kedia

Nickel Futures yesterday settled up by 0.03% at 1313.8 as support continues as the US economy is recovering from the COVID-19 pandemic. Nornickel announces that on June 1 the company began to gradually restart ore mining at the Taimyrsky underground mine and plans to advance mine’s operations to full capacity in the near future. Mined production last year was 771,000 tonnes, twice as much as the world’s second-largest producer the Philippines and accounting for almost a third of global output, according to the International Nickel Study Group (INSG).

Inventories of refined nickel in the Shanghai bonded areas remained unchanged from a week ago and stood at 9,700 mt as of June 4, showed data. The nickel plate import window continued to stay in a loss state this week, and there was little trading in the bonded area. Nickel ore inventories across all Chinese ports increased 252,000 wmt from May 28 to 5.95 million wmt as of June 4, showed data. In Ni content, the stocks stood at 46,800 mt. Data also showed that nickel ore stocks across seven major Chinese ports increased 72,000 wmt during the same period to 4.27 million wmt.

Technically market is under fresh buying as the market has witnessed a gain in open interest by 12.18% to settled at 1999 while prices up 0.4 rupees, now Nickel is getting support at 1303.9 and below same could see a test of 1294.1 levels, and resistance is now likely to be seen at 1325.3, a move above could see prices testing 1336.9.

Trading Ideas:
# Nickel trading range for the day is 1294.1-1336.9.
# Nickel prices gained as support continues as the US economy is recovering from the COVID-19 pandemic.
# Nornickel has resumed ore mining at Taimyrsky Mine
# Mined production last year was 771,000 tonnes, twice as much as the world’s second-largest producer the Philippines.

Source: Investing.Com