Nickel has once again been caught on weak footing in Indian futures markets. Sell off at higher levels due to lower off take and rise of Dollar has dented the value of Nickel.
The benchmark Nickel futures is currently trading at Rs 1011.70 per kg, down Rs 12.50. The prices have so far tested a low of Rs 998. The prices have tested a high of Rs 1021 per kg.
The prices are expected to find supports at Rs 980 per kg.
Last night, LME prices were down by $ 1100 per tonne to $ 22150 per tonne. The prices were in the region of Rs 27490 per tonne on 26 April 2010, from where a fall of $ 5440 per tonne or 20% has been registered so far.
Although the Steel prices are still ruling higher yet the fall is the resultant of tarnished image of Euro and threat of further emergence of any negative news in the markets.
