AHMEDABAD (Commodity Online): Nickel future traded higher in last week at MCX tracking positive US job data. It ended substantially higher after traders renewed interest in buying this metal following their recent drop in prices.
On August 11th October, MCX Nickel October delivery contract opened at 1089 up by 0.66 percent per kilogram with total volume of 14795 lots.
A positive capital inflow in Asian equity market helped to boost Nickel prices trade higher. The US jobless data released Friday evening revealed that claims had declined compared to forecasted data, which impacted price to end in positive note.
"Nickel looks strong for coming days as it’s widely supported by Industry demand and technical support near 1080. Overall trend seems to be upside from here. I will be going for long position somewhere around 1090, and I am expecting Nickel prices to rise up to 1110 and perhaps further up till 1125 in near term,” said Amrita Mashar, analyst with Commodity Online.
