Nickel prices inched up to Rs 1,074 per kg on September 29 as participants increased their long positions, seen by the open interest.
Base metals traded higher tracking weakness in the US dollar. The US dollar index measured against a basket of six currencies slipped 0.33 percent to trade at 93.99.
Nickel prices are getting support from upbeat demand from China’s stainless steel sector. However, higher stocks at LME warehouses may cap upside.
MCX iCOMDEX Base Metal Index was down 19.77 points, or 0.17 percent, at 11,688.74 at 7:28 pm IST.
In the futures market, nickel for October delivery touched an intraday high of Rs 1,071.60 and a low of Rs 1,063.90 per kg on the MCX. So far in the current series, the base metal has touched a low of Rs 1,047.20 and a high of Rs 1,165.30.
Nickel delivery for October contract gained Rs 6.20, or 0.58 percent, to Rs 1,074 per kg at 19:30 hours with a business turnover of 1,611 lots. The same for November contract surged Rs 6.40, or 0.60 percent, to Rs 1,080.90 per kg with a turnover of 10 lots.
The value of the October and November’s contracts traded so far is Rs 1,118.37 crore and Rs 0.80 crore, respectively.
MCX Nickel price is trading near the resistance line of the rectangle pattern, price is expected to trade positively. Any breakout above Rs 1,072 would push the price higher towards Rs 1,083-1,090 levels in intraday, said Axis Securities.
The price has started trading above 20 and 60 EMA which is a bullish sign for prices.
At 2:05 pm GMT, nickel was up 0.53 percent, quoting at $14,582.50 per tonne in London.For all commodities related news, click here