Indian
Nickel futures were trying to recover from a position not seen in more
then three years. The prices dipped to a 35 month lows on Thursday and
tested a low of Rs 789.8 per kg in MCX platform. The worrying factor is
that even after such carnage in Nickel the prices are not in a oversold
position. On intraday charts the sell off can move the metal towards Rs 736 per kg. The weekly and monthly charts are all the more supportive towards the sellers. Open interest in Nickel May expiry contract has already crossed the position of Wednesday. Total open interest was 25504 contracts compared to 24823 contracts.
MCX Nickel May expiry contract was trading at Rs 796.7 per kg, up 0.28 percent. The prices tested a high of Rs 799.9 per kg and a low of Rs 789.8 per kg. On LME, Nickel three month prices were trading at $ 14848 per tonne, down $ 202 per tonne.
Source by Commodity Insights
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