NICKEL DROPPED TO 3-WEEK'S LOW AT MCX
DATE: 29/06/2012
Nickel fell for the fourth consecutive day in a row, edged down by 0.3% or Rs 2.7 at Rs 923.1 per kg on Thursday, 28th June and tested an intraday high of Rs 937.5 per kg and low of Rs 918.6 per kg. The open interest dipped by 21% to 6656 lots and traded below 9-day EMA with its RSI at 41.27. Nickel is at the major support level of Rs 923 per kg and if it breaches then it is likely to find next support at Rs 919 per kg and Rs 904 per kg and resistance at Rs 934 per kg and Rs 942 per kg.
At LME, Nickel snapped earlier two session losses and surged by 1.3% at $16425 per tonne on Thursday. The hopes on EU summit to come out with some concrete plan added to the tight supply in the market and lifted up the metal. The tightness in the nickel ore supply on Indonesia export restrictions solaced the metal. 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 will bolster the prices.
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.com
No comments:
Post a Comment