ZOID RESEARCH 19-NOV-2014 : NICKEL

Nickel declined yesterday by around 0.9% and closed at $15650 MT, after having gained for most part of last week. The metal declined despite better than expected economic data from US and Europe. Fundamentally the cancelled warrants declined followed by a rise in the inventory levels to 0.39 Million MT, indicates a softened demand for the metal . As per the latest quote, Nickel is back to trading green at $15664 MT, before US Building Permits, Housing Starts data expected in the latter part of day. We recommend Nickel to remain range bound for today.

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