AHMEDABAD (Commodity Online): Nickel prices have shown some losses in the early morning trades on MCX Thursday. The prices were strong last night on lower activity on account of positive global cues. This enclosed for increase in speculative activities in Nickel.
On Thursday morning, Base metals fell lower on MCX in the morning trades today tracking negative news of China fund Probe. Trading sentiments turned bearish on fresh selling and weak trend at COMEX and MCX in early trade put pressure on metals prices.
All Base metals dropped to more than 2.5% but among them nickel kept its down trend limited. Nickel September delivery contract opened at 1060. Prices fell lower till 1040 in early trades today.
After such crashes in price moment in the initial hours, Nickel futures covered all losses rapidly compared to other metals. At 3:30 PM, MCX Nickel was trading at 1056 with total volume of 44855 lots.
“Nickel futures seemed to be in holding mode, before jumping to fresh highs,” said Amrita Mashar, analyst with Commodity Online.
The industrial metals were trading weak on international market today due to China crackdown.
“Technically, Nickel looks strong at this moment. I am expecting Nickel futures to extend its upward rally tracking cogent support at 1040,” she said.
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