Nickel Dropped At Mcx Amid Weak Chinese Economic Growth
DATE: 16/04/2012
Nickel that rebounded from its 2-month lows during the last weeks again fell down bi investors cutting their positions with 18% dip in its open interest to 14760 lots on Friday, 13th April. Nickel lost 1.2% or Rs 11.9 to Rs 945.2 per kg at MCX with its intraday high at Rs 958.7 per kg and low at Rs 938 per kg. Nickel traded above 27-day EMA and RSI stood at 54.3.
Shrugging off the gloomy environment in the global markets Nickel managed to trade higher during the last two weeks solaced by the Nickel ore ban in Indonesia. But, it fell during the last week on Friday due to the slew of poor economic data from US, Europe and China. Nickel managed to stay higher by 1.1% at $18,455 per tonne on Friday at LME.
Nickel is likely to find support at Rs 938 per kg and Rs 924 per kg and resistance at Rs 959 per kg and Rs 968 per kg on Monday, 16th April.
POWERED BY: COMMODITY INSINGHTS
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