Nickel on MCX settled down -0.38% at 672.80 as pressure seen ahead of the outcome of a U.S. Federal Reserve meeting that is expected to dictate direction in the dollar. While sentiments improved for Nickel as support seen after the update that Morgan Stanley’s commodity picks list have Nickel as its preferred base metal, as the bank remains a “patient bull” on raw materials despite recent price declines.

Nickel will be buoyed by restocking from stainless steel producers, while the Philippines’ controversial mining review continues to offer support, offsetting Indonesia’s back-flip on allowing exports of ore, Morgan Stanley said. Earlier LME nickel lurched higher in February against the background of supply shortages and demand recovery.

Trading Ideas:

*Nickel trading range for the day is 654.9-686.5.

*Nickel dropped as pressure seen ahead of the outcome of a U.S. Federal Reserve meeting that is expected to dictate direction in the dollar.

*While sentiments improved for Nickel as support seen after the update that Morgan Stanley’s commodity picks list have Nickel as its preferred base metals.

*The Philippines’ controversial mining review continues to offer support, offsetting Indonesia’s back-flip on allowing exports of ore.

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