Nickel costs rose to Rs 1,121 per kg on September 14 as contributors elevated their lengthy positions.
The bottom metals complicated traded blended to constructive on September 14 on a weaker greenback and robust fairness indices over hopes of a vaccine for the novel coronavirus.
Nickel costs have been receiving assist from strong demand from China’s stainless-steel sector. Shares at warehouses accredited to the London Steel Trade (LME) jumped 504 tonne final week, whereas the identical at Shanghai Futures Trade (SHFE) fell by 281 tonne.
The greenback index trades under 93 at 92.80 ranges after two weeks of features.
Within the futures market, nickel for September supply touched an intraday excessive of Rs 1,122.60 and a low of Rs 1,111.40 per kg on the Multi-Commodity Trade (MCX). Up to now within the present collection, the bottom metallic has touched a low of Rs 1,027.50 and a excessive of Rs 1,158.40.
Nickel futures for September supply gained Rs 9.3, or 0.84 p.c, to Rs 1,121 per kg at 20:00 hours on a enterprise turnover of two,096 heaps. The identical for October supply jumped Rs 10.2, or 0.91 p.c, to Rs 1,129.60 per kg on a turnover of 139 heaps.
The worth of the September and October’s contracts traded up to now is Rs 1,662.70 crore and Rs 11.63 crore, respectively.
“Nickel is anticipated to commerce positively with assist at Rs 522 stage and Rs 524 ranges, in line with Motilal Oswal. The brokerage agency suggested its purchasers to purchase on dips focusing on larger resistance within the Rs 1,112-1,130 zone.
At 14:33 (GMT), the bottom metallic value was up 0.93 p.c at $15,250 per tonne in London.
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First Revealed on Sep 14, 2020 09:09 pm