AHMEDABAD (Commodity Online): MCX Nickel futures remained dull this morning after touching new day low near 935.50 rupees. It dropped due to high selling sentiment at peak levels in global market last week.
MCX Nickel October delivery contract rose by 0.30, to Rs. 943 per kg in morning trades amid some short covering by speculators and investors. In global market, Base metals stay under pressure due to weak trend in Silver prices after last week's fall.
Continuous rising in stockpiles at London Metal Exchange(LME) is also responsible to put pressure in Nickel prices . A strengthening Dollar and speculative selling at higher levels kept uptrend limited in Nickel futures, informed Amrita Mashar, analyst with Commodity Online.
Nickel future looks weak for short term below 960. I am expecting Nickel future to test lower levels till 924, before testing a new high for this week ahead, added Amrita. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to email@example.com