Nickel up After US Government Data Showed New Unemployment Claims Fells

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Nickel up After US Government Data Showed New Unemployment Claims Fells

yesterday settled up by 0.37% at 1330.4 after U.S. government data showed new unemployment claims fell to the lowest level since the country’s first wave of COVID-19 last year while inflation was higher than expected. The national refined nickel output decreased 590 mt or 4.53% month on month to 12,400 mt in May, and operating rates stood at 57%. Among them, Gansu smelter carried out an overhaul of the top-blowing furnace, but maintained the overall normal production, with the affected output within 1,000 mt. Xinjiang smelter continued to produce normally, achieving an output of 1,074 mt. Jilin smelter resumed production in May, with the output at 350 mt.
 
The refined nickel production was still in suspension in the smelters in Shandong, Tianjin, and Guangxi. Indonesia aims for three nickel smelters to be completed and operational this year, an official at the country’s energy and natural resources ministry said, without specifying the capacity of the smelters. Two of the smelters, operated by PT Smelter Nickel Indonesia and PT Cahaya Modern Metal Industri, were now completed and had gone through production trials, Ridwan Djamaluddin, director-general of mineral and coal at the energy ministry, said.
 
Technically market is under short covering as the market has witnessed a drop in open interest by -15.51% to settled at 1400 while prices up 4.9 rupees, now Nickel is getting support at 1307.6 and below same could see a test of 1284.9 levels, and resistance is now likely to be seen at 1347.1, a move above could see prices testing 1363.9.
 
Trading Ideas: 
# Nickel trading range for the day is 1284.9-1363.9.
# Nickel recovered after U.S. government data showed new unemployment claims fell to the lowest level since the country’s first wave of COVID-19
# The national refined nickel output decreased 590 mt or 4.53% month on month to 12,400 mt in May, and operating rates stood at 57%.
# China’s output of nickel sulphate stood at 97,700 mt or 21,500 mt in metal content in May, down 5.82% from the previous month
 

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