AHMEDABAD (Commodity Online): Nickel prices have shown some looses in the early morning trades on MCX. Nickel prices were weak in earlier trade on lower activity on account of closing of US market.
On Tuesday, MCX Nickel future April delivery dropped by 0.89 percent t 1130.50 rupees per Kilogram. Due to highly volatile price movement, it enclosed for increase in speculative activities in base metal pack.
Nickel prices have bounce back to 1145.50 due to some bottom fishing activity in international market. Investors show some confidence to buy this metal at cheaper rate.
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. Nickel prices may remain under pressure due to uncertain demand outlook. For near term, Nickel prices may trade between thin ranges of 1120-1230 rupees.
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