NICKEL PLUMMETED TO 11-WEEK'S LOW AT LME
Date: 23/3/2012
Nickel which was in down trend since 1-month fell further by 0.7% or Rs 7.1 at Rs 946.4 per kg on Thursday, 22nd March with its intraday high at Rs 953.9 per kg and low at Rs 940.5 per kg at MCX. Nickel stood near to its oversold region with its RSI at 34.19 and stood below 9-day EMA. Short selling with 10% rise in its open interest to 25,675 lots and volume traded stood at 43,752 lots compared to 33967 lots traded last day led the metal to slump for the second consecutive day.
Nickel plummeted to 11-week's low at $18,525 per tonn, down 2.2% at LME on Thursday as bleak demand from Chinese stainless steel sector coupled with the rekindled concerns on the Chinese economic growth stoked the investors fear and led the metal to decline sequentially from past 2 months.
Nickel is likely to find support at Rs 939 per kg and Rs 932 per kg and resistance at Rs 953 per kg and Rs 965 per kg on Friday, 23rd March.
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