AHMEDABAD (Commodity Online): On Monday morning, Nickel future hits seven weeks low on strong selling sentiments. MCX Nickel July delivery contract dropped again by more than 2 percent with turnover of 28840 lots and made new low of 867.40 rupees per kilogram.
In morning trades Nickel price remained weak due to selling sentiment in London Metal Exchange. Speculators and traders stayed away from fresh buying deals as price fall sharply below 900 mark.
Immediate resistance seems to be at 880 and 895. Immediate support looks at 860. Nickel price is trading below short term exponential moving averages, informed Amrita Mashar, Senior Analyst with Commodity Online.
Industrial metal prices are trading weak on international market today.
“I am expecting Nickel price to fall further in coming trading session tracking negative sentiments, said Masher.
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