MCX Nickel may note some gains tracking international markets. Supporting prices is firmness in copper prices, weakness in US Dollar and firmness equities. However concerns over waning demand from top consumer China and rising stocks at LME warehouses may cap the upside.
Stocks rose by 2058 tons yesterday. Also according to the latest monthly bulletin from the Lisbon-based International Nickel Study Group (INSG) the global nickel market was in a supply surplus by 17,000 tons last year. Support for MCX Nickel February contract is seen at Rs.985 while resistance is seen at Rs.1,020.
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