Falling dollar and recovery in demand led to jump in Nickel prices on MCX. The markets were looking to move up in the opening trades and have extended the rally as the day progressed. Dollar is now at 1.3063 against the EURO, down 83 pips. Rupee depreciation also provided confidence in the metals. Rupee now trades at 45.15 against the Dollar.
Open interest in the contract jumped significantly to 7597 while the prices showed upmoves indicating increase of long position in the metal.
MCX Nickel is now trading at Rs. 1065 per kg, during the session so far the prices have tested a high of Rs. 1075.6 per kg and a low of Rs. 1052.1. Technically speaking the prices are expected to test Rs. 1090 per kg in short term.
