MCX Nickel traded with the positive node in last week and settled 0.80 percent up at 904 after touching lowest levels of 861 as demand stays constructive.
Metals stay upbeat in beginning of this week on speculative buying as European economical data stays positive, informed Amrita Mashar, analyst with Commodity Online. Today release Euro Retails sales data was 0.4 compared to expected number of 0.2 percent. This news help base metals pack to move higher in afternoon session.
Nickel stays firm among all industrial metals and out performance base metal pack buy as it move higher by almost 2.5 percent. On Monday, MCX Nickel December delivery contract rose by 2.60 percent to 929.90 rupees per kilogram. Support for contract seen at 905 rupees and Resistance for contract looks at 948 rupees.
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