NICKEL SHED FOR THE THIRD CONSECUTIVE DAY AT MCX
DATE: 27/06/2012
Nickel fell for the third consecutive day in a row, edged down by 0.3% or Rs2.3 at Rs 925.8 per kg on Wednesday, 27th June and tested an intraday high of Rs 932.7 per kg and low of Rs 920.2 per kg. The open interest dipped by 6.7% to 8472 lots and traded below 9-day EMA with its RSI at 43.28. Nickel stood near to the major support level of Rs 923 per kg and is likely to find next support at Rs 919 per kg and resistance at Rs 938 per kg and Rs 942 per kg.
At LME, Nickel dropped for the second consecutive day, down 0.6% at $19215 per tonne on Wednesday. The global economic concerns particularly impending EU summit due to start on Thursday hammered the metal. But, the tightness in the nickel ore supply on Indonesia export restrictions solaced the metal and restricted further fall. The factors like nickel prices below the cost of production and bleak demand from the stainless steel sector might prompt the Nickel producers to stall the new capacity expansion plan and might be forced to cut the production which inturn might bolster the prices.
POWERED BY: COMMODITY INSIGHTS
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