AHMEDABAD (Commodity Online): MCX Nickel July contract yesterday traded with the negative node and settled -1.18% down at 1063.5 as stronger US dollar weighed on prices. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 174,500-175,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 174,000-174,500/mt range.Based on result of a recent SMM survey, more than 50% market players were pessimistic towards LME nickel price outlook, given the mixed economic news and soft downstream demand in domestic market. Approximately 30% market players believe that LME nickel prices will continue to rebound from technical support this week.
In yesterday's trading session Nickel futures has touched the low of 1056 after opened at 1076.7, and finally settled at 1063.5. For today's session market is looking to take support at 1052.1, a break below could see a test of 1040.7 and where as resistance is now likely to be seen at 1078.8, a move above could see prices testing 1094.1.
Nickel futures trading range is 1040.7-1094.1.
Intraday traders can buy MCX Nickel July contract near 1060 with the stop loss of 1040 and can wait for the targets of 1080 and 1090.
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