MUMBAI (Commodity Online): Nickel prices at the MCX counter on Thursday traded higher in the morning session despite the weak sentiments in the base metals complex in the global market.
MCX cickel October delivery opened up by Rs.0.80 at Rs.858.30 per kg and got traded between Rs.848.20-858.20 per kg. At 10.41 am IST it traded down by Rs.7.90 at Rs.849.60/kg. Total volumes recorded 1861 lots.
Nickel, used in making stainless steel, has gained 88 percent since the end of March as consumption recovers from a slump.
Trade commodities or equities from across the globe. Join NowThe price of nickel would continue to rise overcoming decades, even though there would be periods during which the base metals might grapple with price fluctuation within a new “super cycle”.
Nickel has touched a low of Rs 837.5 a kg after opening at Rs.853.7, and last traded at Rs 857.5.For today market is looking for the support at 842.50, a break below could see a test of 827.60 and where as resistance is now likely to be seen at 867.30, a move above could see prices testing 877.20.
