NICKEL WAS THE STAR PERFORMER AT LME
Date: 03/04/2012
Nickel esteemed by 1.6% or Rs 14.9 at Rs 932.3 per kg on Monday, 2nd April with its intraday high at Rs 938.4 per kg and low at Rs 917.6 per kg. Nickel rose near to the 2-week's high after huge losses during the last few weeks. The short covering with 13% dip in its open interest to 21072 lots helped the metal to move above the 9-day EMA. Nickel rose for the third consecutive day in a row with its RSI index recouping from the over sold region that stood at 43.27 a day before.
The huge losses during the previous days coupled with the improvement the manufacturing activity of major economies such as China and US helped the Nickel to be the star performer in LME. Nickel esteemed by 2.4% at $17,900 per tonne on Monday.
Nickel is likely to find the support at Rs 923 per kg and Rs 915 per kg and resistance at Rs 943 per kg and Rs 956 per kg on Tuesday, 3rd April.
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