nickel intraday

Volatility hits Nickel futures
11 June 2008 10:25:15

MCX Nickel June traded volatile and closed at 991 with net gain of 44.50, market was supported by LME movements.

OAO GMK Norilsk Nickel, the world's biggest producer of nickel and palladium, reported an unexpected drop in 2007 profit after slashing almost $2 billion off the value of mining and power companies it bought last year.

Demand and supply will be ``in balance'' in 2009, Deputy Chief Executive Officer Tav Morgan said on the conference call. The board was ``directly responsible'' for the writedowns, United Co. Rusal, the second-largest shareholder in Norilsk.

Cia. Vale do Rio Doce, the world's second-biggest exporter of nickel, will face a new trade barrier in the European Union after some compounds of the metal were considered a health risk, Valor Economico reported.

MCX Nickel June - Technical Outlook:

The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.

Technical have turned neutral to bullish and market is expected to remain positive above 1018 level. if sustain above this level can see a rally towards 1046 and 1089 , If market sustains below 975 can see a further fall towards 947 and 904

Recommendations: MCX Nickel June: Buy at 985-983 Target 1014 and 1025 SL 265

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