ZOID RESEARCH 28-MAR-2014 :NICKEL

Nickel which used to be an outperformer in the recent past among its peers has now reached a point where it has started to decline. We have discussed nickel prices correcting downward due to higher supply and the overbought phase of prices. On Thursday, it became an underperformer and settled the day at $15710 while at the MCX, the March futures ended at Rs 946, down by 0.78%. Nickel stocks at the LME are seen
trading at a record high while it has been rising continuously for the past four consecutive days and, as of Thursday, the total stocks are at 286674 tons.



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