AHMEDABAD (Commodity Online): Nickel prices have shown some gains in the early morning trades on MCX. The prices were weak last night on lower activity on account of closing of US markets. This enclosed for increase in speculative activities in Nickel. MCX Nickel future for July open at is seen trading at Rs 897 per kg, up Rs 6 per kg. Resistances for the contract are at Rs 907 and 911 levels. The prices have bounced after a series of fall in the market last week due to gain on lower LME stocks and some buying at lower level , according to Amrita Mashar, Analyst with Commodity Online Nickel futures have found tough in ensuring a steady momentum in the markets in last few days as the prices of stainless steel globally have eased off. The trend of slowdown in stainless steel prices is likely to continue, as the world demand for Steel in which Nickel is a major element is weak. Also the markets have ruled out any price increase in Steel due to lower demand in international market. Domestic steel prices in China have remained weak owing to the increase in domestic production and decline in domestic consumer demand. It can be expected that steady rise in the production of Steel bringing prices under pressure. Nickel prices are likely to get affected by the fall in the steel prices. Meanwhile, MCX Nickel July future is trading at Rs 900 per kg at 5pm. The prices have bounced after a series of fall in the market last week due to lower LME stocks and short covering of price. I am expecting that Nickel may test level 910 at upper side in evening session, Added Amrita To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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