Watch the price of MLX rise!! With $35billion in nickel and nickel set to rise another 13% in 2010.
Morning Cheers For Nickel On MCX Capital Market / 10:45 , Oct 06, 2010
Confidence from strong growth projections and early declines in Dollar has brought Nickel in limelight once again. The prices in domestic futures markets opened sharply higher and maintaining firm trend as we write.
Most of the metals pack has got help from the declines in Dollar which now rules at 9 month, low against the EURO. Strong set of ISM numbers helped Nickel but was unable to bring delight in Dollar.
Dollar is now down 11 pips against the EURO at 1.3842.
This week, Worldsteel Association has forecasted that apparent steel use will increase by 13.1% to 1272 million metric tonnes (mmt) in 2010 after contracting by - 6.6% in 2009. The above mentioned forecast represents an improvement of 35 mmt over the April short range outlook for 2010 exceeding the pre-crisis peak of 1222 mmt in 2007.
MCX Nickel benchmark future is trading at Rs 1115.7 per kg, up Rs 12, or 1%. Resistances for the contract are at Rs 1127-1130 per kg. Supports for the metal is at Rs 1105 per kg.
Newminer.
MLX Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
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