Nickel yesterday traded with the positive node and settled 2.45% up at 914.7 on short covering after last Friday’s sell-off, LME nickel prices were volatile. LME nickel prices fell sharply to USD 16,800/mt from panic sentiment during the Asian trading hours, but later pared certain losses and closed at USD 18,150/mt from dip-buying support, up USD 1,200/mt from a day earlier. Market still lacked solid news last Friday, and market was still affected by investors’ concern over global economy. However, equity and exchange markets eased to certain extent last Friday, with equity market in the US and Europe both closing with slight gains. LME base metal prices largely extended previous downward momentum, with significant losses reported. Despite of positive attitude, G20 summit did not achieve significant result. Moody’s cut credit rating of Bank of Greece. It is expected that market concern will continue to haunt market amid sluggish global economy and absence of solid economic news, but dip-buying will slightly support prices to certain extent. In yesterday's trading session nickel has touched the low of 895.3 after opening at 900, and finally settled at 914.7. For today's session market is looking to take support at 891.7, a break below could see a test of 868.6 and where as resistance is now likely to be seen at 941.4, a move above could see prices testing 968.
Nickel trading range is 868.6-968.
Nickel yesterday traded with the positive node and settled 2.45% up on short covering.
Nickel was in surplus of 4900 tons in Jan-June 2011 as per the latest report from WBMS.
IMF annual meeting & G20 FM meet, traders would strongly react to any related opinions about current crisis.
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell
- Huge scope for improving Indian shale gas estimates: ONGC
- HPCL Visakha refinery suffers major fire due to short circuit