Commodityonline.com
Nickel and Aluminium trading trends for 3 May
Edited by : AL CIRCLE
1 min read
Nickel trading range for the day is 907.23-962. Market is looking to take support at 917.3, a break below could see a test of 907.2 and resistance is now likely to be seen at 944.5, a move above could see prices testing 961.6.
Nickel yesterday traded with the negative node and settled -1.37% down at 927.5 tracking LME Nickel prices overnight opened at USD 17,795/mt, with the high end USD 17,864/mt, finding support at USD 17,285/mt.
The market is focusing on US non-farm employment data for April, and if it turns out negative, speculations of the QE3 implementation should grow.
Aluminium trading range for the day is 109.68-112.28. Market is looking to take support at 110.2, a break below could see a test of 109.7 and resistance is likely to be seen at 111.5, a move above could see prices testing 112.3. Aluminium yesterday traded with the negative node and settled -0.23% down at 110.65 as the euro zone April PMI dropped to a three-year low to 45.9, while German unemployment rate was reported up to 6.8% during April from the 6.7% saw in March.
Nickel yesterday traded with the negative node and settled -1.37% down at 927.5 tracking LME Nickel prices overnight opened at USD 17,795/mt, with the high end USD 17,864/mt, finding support at USD 17,285/mt.
The market is focusing on US non-farm employment data for April, and if it turns out negative, speculations of the QE3 implementation should grow.
Aluminium trading range for the day is 109.68-112.28. Market is looking to take support at 110.2, a break below could see a test of 109.7 and resistance is likely to be seen at 111.5, a move above could see prices testing 112.3. Aluminium yesterday traded with the negative node and settled -0.23% down at 110.65 as the euro zone April PMI dropped to a three-year low to 45.9, while German unemployment rate was reported up to 6.8% during April from the 6.7% saw in March.
Previous article
AMAG Group makes positive start to fiscal year 2012
Next articleVedanta's Rs 1,000-cr power plant in Odisha stuck in legal hassle
Grow with
AL Circle
