AHMEDABAD (Commodity Online): MCX Nickel sparkles on monday as price touched weekly higher levels at 1060 on active buying in international and local market. On Tuesday, MCX Nickel dropped by almost 0.80 percent to 1049 rupees per kilogram with total volume of 19400 tonnes at 4:30 IST.
In international market, Nickel prices experienced correction during Monday’s Asian trading hours after last Friday’s rally. Nickel prices advanced despite that Copper, Aluminum, Lead and Zinc prices slipped, which is mainly due to the fact that Nickel prices are still weighed under daily moving average and still have room to advance further.
Base metals are under pressure as prices faile to sustain above monthly resistance levels. Although, Nickel prices advance ignoring decline amid base metals, the stagnant Greek debt talk will exert certain pressure on Nickel prices in coming weeks. But overal sentiments are looking positive unless and until prices are sustaining above 1000 levels at MCX counter, informed Amrita Mashar, analyst with Commodity Online.
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