Nickel Marches Higher On MCX

Even as the steel demand is in doldrums and there are calls that the lackluster trend will continue in world markets on growth of supplies, Nickel prices in Indian markets charged for the fourth consecutive day on the back of depreciating Rupee against the Dollar. The Rupee is trading at all time low of 58.83 per Dollar, down 1.17 percent.
MCX Nickel was trading at Rs 873.9 per kg, up 0.8 percent. The markets tested a high of Rs 878 per kg and a low of Rs 870.7 per kg. The prices can test Rs 890 per kg, if the continuous decline in Rupee doesn't stop.
LME three month Nickel prices declined by $ 92 per tonne and were trading at $ 14853 per tonne. This is three day low for the metal. Nickel inventories has been growing at a rapid pace in LME warehouses and have now reached 182436 tonnes, up 30 percent this year.
Source by Commodity Insights