Sideways Trading In Nickel Futures

Nickel......

Nickel futures are trading in a sideways manner in the Asian trading session. The steel material nickel was trading at $ 14132 per tonne, up $ 22 per tonne. Baosteel and other major Chinese players have revised the prices of steel material downwards. The rise in production is also a cause of worry though many players are trying to reduce the production on lower demand.
Baosteel, the country's biggest listed steelmaker, sees China's steel production rising just 1-2 percent in 2013 from a year ago. China produced 716.5 million tonnes of crude steel in 2012, up 3.1 percent from year ago.
MCX Nickel was trading at Rs 819.7 per kg, up 0.16 percent. These are one month low levels for Nickel. The prices have supports at Rs 816 per kg while Resistance is at Rs 821 per kg.
Source by Commodity Insights