Tuesday, June 14, 2011

Nickel Updates

Nickel yesterday traded with the negative node and settled -2.37% down at 1000.6 tracking LME nickel which opened at $22,750/mt and closed at $22,148/mt overnight, down by $552/mt from a day earlier, with the highest price at $22,800/mt and the lowest price at $22,120/mt.

Nickel prices slipped all the way after opening, and accelerated declines during the European to close at $22,148/mt after hitting a low of $22,120/mt, affected by downward adjustment of Greek credit rating. Poor demand outlook is the major reason behind steady decline of LME nickel prices.

Overall sentiment was still pessimistic and LME nickel prices may slip further. For today's in nickel market is looking to take support at 991.8, a break below could see a test of 982.9 and where as resistance is now likely to be seen at 1016.7, a move above could see prices testing 1032.7.

Trading Ideas for Nickel Updates :
Nickel trading range is 982.9-1032.7.
Nickel ended lower as concern over waning demand and lack of clear guidance weighed.
Nickel is having resistance at 1016.70 and support at 991.80 level.
Spread between nickel JUN & JUL contracts yesterday traded in the range of 8.40 - 9.2.

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