MCX Nickel under short covering Support seen at 1163.4
India, Nov. 7 -- Technically Nickel market is under short covering as market has witnessed drop in open interest by 2. 15% to settled at 7961 while prices up 0.5 rupees.Now MCX Nickel is getting support at 1163.4 and below same could see a test of 1154.8 levels and resistance is now likely to be seen at 1183.3 a move above could see prices testing 1194.6.Nickel settled flat as investors loaded up short positions after prices in London dropped on a rebound in inventories. Inventories have been the focal point for the nickel market as investors have digested the news of Indonesia s temporary nickel ore export suspension amid an investigation into violations of export rules.Over 40 vessels carrying nickel ore have been deterred from leaving In...
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