Commodity Trading Tips for Nickel by Kedia Commodity

Ajay Kumar Kedia 28 June 2013

Nickel Nickel yesterday settled flat at 825.50 as concerns over China's money shortfalls eased, causing Chinese stocks markets to improve. US initial jobless claims last week decreased, and consumer spending in May rebounded, pushing up European and US stocks markets. Besides, profits at China's scale-efficiency industrial enterprises in May topped the previous month, and Germany's unemployment rate fell slightly. Initial jobless claims in the US in the week ending June 22 fell to 346,000. Personal income and spending in the US in May both grew more than expected, pushing the US dollar index above 83. However, William Dudley, said investors had overreacted to Fed's speech, claiming that the Fed will not taper off debt-buying program until US economy recovers as the FOMC expects and that there is still a long way to go before the Fed hikes interest rate. Their remarks helped appease market concerns, pushing the US dollar index and US 10-year government bond yields down while helping S&P's 500 Index record the biggest three-day gain since January. EU member reached consensus over rules for restructuring and liquidation of ailing banks on Thursday morning, which is designed to avoid government bankruptcy from banking crisis. The number of people out of work in Germany fell by some 12,000 on a seasonally adjusted basis in June, with the unemployment rate staying close to a post-reunification low at 6.8% following three consecutive months of growth. Economic Confidence Index in the euro zone climbed from 89.4 to 91.3 in June and Business Confidence Index also improved from -0.76 to -0.68. Technically market is getting support at 819.70 and below same could see a test of 813.90 level, And resistance is now likely to be seen at 831.60, a move above could see prices testing 837.70.