Thursday, 4 April 2013

Nickel Recovers After Two Day of Bashing

After beaten down in last two days Nickel recovered as bottom fishing picked in Indian exchanges. LME volumes were muted after the closure of Shanghai futures exchange till the weekend. Nickel futures
for April expiry was trading at Rs 887 per kg, up 0.9%. The prices ended at Rs 912 per kg on 1 April but last two days chopped the metal by 4% from the top. Indian Rupee was another reason of spike in this metal. Indian Rupee was trading at 54.76, down 0.60% against the US Dollar. Open interest in the metal was 18598 contracts till mid afternoon trades against 19118 during the trading day yesterday. LME three month Nickel prices were trading at $ 16059, down 1.1
 Source by Commodity Insights
                                                                           

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