MCX NICKEL TIPS 13 JUN 2012

NICKEL SNAPPED EARLIER GAINS AT MCX

DATE: 13/06/2012       

Nickel snapped the rising trend of prices that reached near to mid-March 2012 highs and dropped by 1% or R 9.3 at R 949.8 per kg on Tuesday, 12th June at MCX and tested an intraday high of R 966.9 per kg and low of R 945.8 per kg. Nickel breached the major resistance level of R 958 per kg but dropped amidst the global economic woes erasing few earlier gains. Nickel was finding the next resistance level at R 978 per kg and R 985 per kg and support at R 948 per kg and R 932 per kg. Nickel traded above 50-day EMA and its RSI stood at 61.95.

At LME, Nickel was the only metal among the base metals that surged to 3-week's high at $17175 per tonne, up 1.7% on Tuesday as the fundamental support to the metal due to the scarcity of nickel ores in the market on Indonesia export restrictions lifted up the metal. However, the concerns on the rising Spain bond yields and looming Greece elections during the weekend curbed huge gains in the metal.

POWERED BY: COMMODITY INSIGHTS

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