CO:Nickel prices boosted ahead of better US export data
AHMEDABAD (Commodity Online): Nickel traded with the positive node and settled 1.19% up at 1036 following huge gain in US equity market.
Nickel future June delivery contract rose by 0.11 percent to 1040 rupees per Kilogram with total volume of 21043 lots.
In international market, LME base metal prices largely ended with gains on Thursday, boosted by rally in the US equity market from better-than-expected export data.
Data signify that, the US trade deficit in April pointed all of a sudden to intra year low, as April's export hit a fresh high and since imports of Crude Oil were down drastically amid high international oil price.
According to Amrita Mashar, Analyst with Commodity Online, MCX Nickel future expected to trade between the ranges of 1010 to 1050 in ongoing week. Nickel future is looking to take support at 1020 and where as resistance is now likely to be seen at 1045.
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