Its been held back while stocks going down & Nickel going through the roof........
Ashok Divase / Mumbai August 22, 2006 Nickel prices touched an all-time high on Monday on the bourses. On domestic markets, the metal crossed Rs 1,600 per kilogram for the first time and closed at Rs 1,675. On the London Metal Exchange (LME), nickel closed at $33,400 per tonne.
Inventories at the LME warehouses slipped a further 222 metric tonne to 6,150, representing about last nine days of market consumption and raising further concerns about supply in a tight market.
Last Wednesday, spot nickel reached $33,400 a tonne on the LME. On Friday, it was trading around $32,995. Last nine trading sessions saw warehouse stock down by 220 metric tonne to 6,150 on Friday.
In the domestic market, the metal closed at an all-time high of Rs 1,675 per kg, up Rs 25 a kg from previous close and also the highest-ever since June 1996. Its all-time low was Rs 243 a kg on June 1, 1999.
Steel prices have started improving and this signals that fresh demand is coming in. This, in turn, will also boost nickel prices.
On the NCDEX the August contract was quoting at Rs 1,537 on Saturday, up 26.21 per cent over last 16 trading sessions, while the September and October contracts rose 20.79 per cent and 26.98 per cent, respectively, during the same period.
MCR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
