Monday, 21 November 2016

DOLLAR ADVISORY MCX NICKEL UPDATE OF 21 Nov 2016

Nickel trading range for the day is 723.3-770.7. Nickel dropped on profit booking as traders decided a rally driven by U.S. president-elect Trump's economic policies was overdone, for now. Nickel ore inventories at seven major Chinese ports were 10.45 million wmt over this past week, down 370,000 wmt on a weekly basis. Smelting fees tend to fall when ore supply decreases as smelters are forced to offer competitive rates to win business.
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