Nickel soared 12% last week as Chinese trade surplus data was encouraging and a mine shutdown in New Caledonia. Indeed, nickel has been the best performing industrial metal so far this year, mainly driven by Indonesia’s nickel ore export ban since January which potentially threatens a huge amount of the world’s nickel supply → MCX Nickel is overbought. We could see trend reversal anytime soon between Rs 1250-1300. On retracement, prices could again fall back towards Rs 1100.
Posted on: Wed, 14 May 2014 07:24:39 +0000