Nickel has traded with the positive node and settled 0.91% up at 840.4. Some support had been seen from the LME stock also which came down by 186 million tonnes, the total stock at LME is now at 163518 million tonnes. In the trading session, nickel has touched the low of 825.5 after opening at 831.9, and finally settled at 840.4.
For today's session, market is looking to take support at 825.6, a break below could see a test of 810.80 and where as resistance is now likely to be seen at 855.1, a move above could see prices testing 869.80.
Spread between nickel January and February contracts ended at 3.90, we have seen yesterday that the nickel market had traded with a positive node and settled 0.91% up. Spread yesterday traded in the range of 3.90 to 5.40.
(Sourced from http://www.steelguru.com/news/index/2010/02/01/MTMwOTg5/Outlook_for_nickel_by_Kedia_Commodity.html)
Sunday, January 31, 2010
Outlook for nickel by Kedia Commodity
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