Market Summary –

Nickel -Weekly Net Change
Exchange	Month	W. High	W. Low	Close	P. Close	Net Change
MCX	June	1049.5	956.5	972.5	1036	-63.50
LME	3M	24300	21152	22400	24000	-1600.00
LME	Cash	23950	22500	22255	24030	-1775.00

Major Headline-

Nickel production this year may fall 2 percent after Apache Corp. shut a natural gas plant in Western Australia, Citigroup Inc. said. The Apache outage plus an earlier-than-planned rebuild of an Australian smelter may reduce nickel output by 32,000 metric tons this year, analysts Alan Heap and Alex Tonks wrote in a report dated June 13. ``Despite this we still see the nickel market as adequately supplied this year.''

INSG:

Nickel oversupply grew in April to the widest in eight months as demand receded for the third month in a row, according to the International Nickel Study Group.

Supply exceeded demand by 13,700 metric tons in April, the INSG report said. Production increased 6.1%, year over year, while consumption was 112,800 tons, off 0.9% from March.

Weekly Inventory:

Nickel inventory at LME decreased by 228 MT to 46860.00 MT during last week.

MCX Nickel June – Technical Outlook

MCX Nickel June - Weekly Pivot Level
Sup 3	Sup 2	Sup1	Pivot	Res 1	Res 2	Res 3
843.17	899.83	936.17	992.83	1029.17	1085.83	1122.17

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices.

Recommendations: Sell at 970-975 Target 940 and 925 SL986