Firm China data fails to lift MCX Lead Nickel

MUMBAI (Commodity Online): India nickel and lead futures edged down on Tuesday and was seen trading with a negative note despite positive China data. A higher than expected data releases from China were failed to lift base metals futures in India to certain extent.

Appreciation of Indian Rupee (INR) against US Dollar (USD) was seen pressuring the base metals movement to certain extent during intra-day trade. ?

The trend in nickel futures for September delivery on India's Multi Commodity Exchange (MCX) looks negative and the commodity is expected to continue with the trend for the day, according our analyst at Commodity Online.

For intra-day, MCX nickel is seen at 880 while resistance is seen at 895 and 907 levels. Further selling pressure is expected at higher levels and traders are advised to take short position around 894 with the stop loss of 907 for the target of 881, according to Melbin Noble, Research Analyst at Commodity Online.

MCX nickel for September delivery was seen trading down by 0.98% at Rs.887.50 per kilogram as of 14.57 IST on Tuesday.

MCX lead prices look bearish and are expected to trade with a negative bias. For intra-day, support for the futures is seen at 135 while resistance is seen at 137 and 137.8 levels. Traders may take short position around 136.8 with the stop loss of 137.8 for the target of 135.5, Melbin added.

MCX lead for September delivery was seen trading down by 1.27% at Rs.136.20 per kilogram as of 14.58 IST on Tuesday.

MCX base metals complex was seen trading under pressure on concerns that US Federal Reserve may start rolling back its 'commodity friendly' monetary stimulus later this year on improving economic and manufacturing sectors in the United States and around the globe.

Persisting geopolitical tensions in the Middle East were also seen pressuring the base metals movement to certain extent.

China industrial production rose 10.4% year-on-year basis in August, higher when compared to 9.7% recorded in July while retails sales recorded an up-trend 13.4%, higher compared with 13.2 % year-on-year basis, as per the data released by the National Bureau of Statistics of China on Tuesday.

Also, Chinese fixed-asset investment, (expressed in year-to-date terms) increased 20.3% in August, up from 20.1% in July.

In August, the China consumer price index (CPI) went up by 2.6 percent year-on-year. The prices grew by 2.5 percent in cities and 2.9 percent in rural areas. The food prices went up by 4.7 percent, while the non-food prices increased by 1.5 percent, according to the data released by the National Bureau of Statistics of China on Monday.

The prices of consumer goods went up by 2.5 percent and the prices of services grew by 2.7 percent. On average from January to August, the overall consumer prices were up by 2.5 percent over the same period of the previous year.

In August, the month-on-month change of consumer prices in China was up by 0.5 percent, of which, prices increased 0.4 percent in cities and 0.6 percent in rural areas.

The food prices went up by 1.2 percent, the non-food prices went up by 0.1 percent. The prices of consumer goods increased 0.6 percent, and the prices of services increased 0.2 percent (Image Courtesy: Keattikorn www.freedigitalphotos.net).

Source: http://www.commodityonline.com/news/firm-china-data-fails-to-lift-mcx-lead-nickel-56295-3-56296.html

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