NICKEL RETREATED FROM 2-WEEK HIGHS AT MCX
Nickel was the only metal among all the other base metals that lost 0.6% to Rs 974.8 per kg at MCX on Thursday, 15th March with its intraday high at Rs 980.9 per kg and low at Rs 968.6 per kg. Nickel was in rising trend from past five days amidst huge short covering but the gloomy news from China property sector and bleak demand from stainless steel sector led the metal to drop from its 2-week highs. Huge depreciation in rupee curbed huge losses in the metal. The contract traded above 9-day EMA and RSI stood at 49.5.
Nickel was the worst performer among base metals at LME slumped by 1% at $19250 per tonne on Thursday. Meanwhile, The US International Trade Commission reported that Nickel imports were at 10,225 tons, up 7.1% from 9,548 tons in January 2011 adding to the upside momentum and curbed huge losses in the metal.
Nickel is likely to find support at Rs 968 per kg and Rs 955 per kg and resistance at Rs 987 per kg and Rs 999.5 per kg on Friday, 16th March.
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