Nickel futures jump 0.84% to Rs 1,121 per kg in evening tradePage Visited: 15
Nickel prices rose to Rs 1,121 per kg on September 14 as participants increased their long positions.
The base metals complex traded mixed to positive on September 14 on a weaker dollar and strong equity indices over hopes of a vaccine for the novel coronavirus.
Nickel prices have been receiving support from robust demand from China’s stainless steel sector. Stocks at warehouses accredited to the London Metal Exchange (LME) jumped 504 tonne last week, while the same at Shanghai Futures Exchange (SHFE) fell by 281 tonne.
The dollar index trades below 93 at 92.80 levels after two weeks of gains.
In the futures market, nickel for September delivery touched an intraday high of Rs 1,122.60 and a low of Rs 1,111.40 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 1,027.50 and a high of Rs 1,158.40.
Nickel futures for September delivery gained Rs 9.3, or 0.84 percent, to Rs 1,121 per kg at 20:00 hours on a business turnover of 2,096 lots. The same for October delivery jumped Rs 10.2, or 0.91 percent, to Rs 1,129.60 per kg on a turnover of 139 lots.
The value of the September and October’s contracts traded so far is Rs 1,662.70 crore and Rs 11.63 crore, respectively.
“Nickel is expected to trade positively with support at Rs 522 level and Rs 524 levels, according to Motilal Oswal. The brokerage firm advised its clients to buy on dips targeting higher resistance in the Rs 1,112-1,130 zone.
At 14:33 (GMT), the base metal price was up 0.93 percent at $15,250 per tonne in London.
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