Wednesday, 5 June 2013

LME Nickel Tests Two Week High

The news of Federal Reserve continue to assist the economy by $ 85 billion bond buying programme coupled with China State Reserve Bureau purchases of Nickel has amplified buying interest. The material used for the preparation of austenitic steel grades moved to a 15 day high on London Metal Exchange. The benchmark three month prices were ruling at $ 15295 per tonne, up $ 15200 per tonne.
MCX Nickel Facing Resistance at 877,884,887
MCX Nickel Holding Supports at 866.30,861.40,858.20
The Federal Reserve President Dennis Lockhart comments have come at a critical time for commodities. The prices were dull and lackluster up until yesterday but statements from Lockhart that US Federal bank was committed to economic stimulus programme and reduction was not justified at the moment brought cheers.
Furthermore, supports have emerged from China State Reserves Bureau decision to buy 60000 metric tonnes of Nickel from International markets in 2013. Although this is not a major quantity but the restart of such buying is a promising sign. Refined Nickel demand has often been challenged by a cheaper substitute Nickel Pig Iron

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