Friday, February 25, 2011

Nickel Weekly Outlook

Base Metal prices ended mixed as copper and aluminium ended with gains of close to one percent while other metals including Nickel, Lead and Zinc ended down with losses of anywhere between almost 3 percent from long week high levels.

Today, Nickel February delivery contract fall by 0.26 percent to 1245.70 per Kilogram at Multi Commodity Exchange (MCX). Nickel price find disappointing moment to cross current week higher levels.

In US, durable goods orders rose while the jobless claims declined indicating improving economic conditions. However new home sales declined along with continued decline in house prices. For the moment, Nickel future looks weak below 1300 rupees per Kilogram. Nickel expected to drop till 1212 in coming weeks if price failed to sustain above 1270 rupees per Kilogram.


Posted By Commodity MCX Tips