Golden Investment Research Private Limited
MCX Nickel may note some gains tracking international markets, however the upside remains capped. Prices may seek support from firmness in copper prices, weakness in US Dollar and firmness in equities. Also news of production cut by BHP Billiton may support prices. BHP Billiton said that it will cut staff and reduce mine activity at its MCX Nickel West unit in Australia in response to weak prices. The gains may however be capped amid rising stocks at LME warehouses. Stocks fell by 600 tons yesterday after 492 tons drop last week. Support for MCX Nickel February contract is seen at Rs.1,040 while resistance is seen at Rs.1,090.
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