Nickel costs edged decrease to Rs 1,072.80 per kg on August 13 as members elevated their brief positions.
Costs have been beneath stress from greater shares on the accredited warehouses of London Steel Trade (LME) and Shanghai Futures Trade (SHFE).
The bottom metallic lacks robust fundamentals to push costs additional up within the quick time period.
Within the futures market, nickel for August supply touched an intraday excessive of Rs 1,083.80 and a low of Rs 1,071.10 per kg on the Multi-Commodity Trade (MCX). To this point within the present sequence, the bottom metallic has touched a low of Rs 963.60 and a excessive of Rs 1,117.
Nickel for August supply slipped Rs 4.70, or 0.58 %, to Rs 1,072.eight per kg at 20:09 hours on a enterprise turnover of two,036 tons. The identical for September supply eased Rs 5, or 0.46 %, to Rs 1,080 per kg on a turnover of 178 tons.
The worth of the August and September contracts traded to this point is Rs 1,778.19 crore and Rs 18.08 crore, respectively.
Intraday bias for nickel appears constructive so long as Rs 1,072-1,060 is held as help whereas resistance is seen at Rs 1,092-1,100 ranges, in response to Motilal Oswal.
At 1442 (GMT), the bottom metallic futures was down 0.86 % at $14,110 per tonne in London.
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First Revealed on Aug 13, 2020 08:55 pm