Performer Of The Week

Nickel

nickel

Nickel has seen very good support in the 11,000-11,050 zone but it has failed to capitalize on the upside with prices giving back most of the gains throughout the week.Nickel has risen 2.5 % last week but prices need to hold on to the upside levels to have a go at Year To Date High’s.Fundamentally with steel prices going strong nickel should have been one of the major beneficiaries in the metal space .Also Trump’s victory has been a major boost for the metal.With rainy season in the Philippines having started there could be supply disruptions going forward even without the proposed ban by the government on environmental grounds.Also ore grades has seen declines with cost of production going up for the recovery of the metal in ore form.Overall a healthy picture for the Nickel Longs going forward !

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