MCX NICKEL TIPS 28 MAY 2012

NICKEL SNAPPED EARLIER TWO SESSION GAINS AT MCX

DATE: 25/05/2012       

Nickel snapped two consecutive session gains and edged down by 0.5% or R 4.4 at R 940.8 per kg on Friday, 25th May and tested its intraday high of R 944.6 per kg and low of R 937.4 per kg. Nickel was trading in range bound from last three consecutive sessions hovering between the R 933 per kg and R 949 per kg. The contract was trading above 9-day EMA and RSI stood at 56.5. Nickel was finding support at R 936 per kg and R 930 per kg and resistance at R 948 per kg and R 958 per kg on Monday, 28th May.

At LME, Nickel rose 0.3% at $17050 per tonne on Friday as the Indonesia restrictions on its exports of nickel ores coupled with the rise in US consumer sentiment index favored the metal.

                                                                                                                             

POWERED BY: COMMODITY INSIGHTS

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