Nickel futures up 0.39% in evening trade

Nickel prices rose to Rs 933.20 per kg on May 8 as participants increased their long positions on rising demand,

In the futures market, nickel for May delivery touched an intraday high of Rs 936.20 and a low of Rs 926.20 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 860.40 and a high of Rs 972.50.

Nickel delivery for May contract gained Rs 3.60, or 0.39 percent, to Rs 933.20 per kg at 19:01 hours with a business turnover of 1,799 lots. The same for June contract was up Rs 4.20, or 0.45 percent, to Rs 933.50 per kg with a turnover of 194 lots.

The value of May and June contracts traded so far is Rs 784.11 crore and Rs 7.68 crore, respectively.

MCX Nickel price corrected in the morning session after prices failed to sustain near the resistance zone of Rs 935 and drifted lower towards Rs 929 level. The overall trend is negative for prices as it is trading below 60 days EMA, according to Axis Securities.

Any breakdown below Rs 928 next leg of correction would drag price lower towards Rs 915-910 levels in intraday.

MCX Nickel price is expected to trade in a range bound market having support at Rs 924 level and resistance at Rs 940, according to Motilal Oswal.

At 13:37 (GMT), the base metal futures was down 0.32 percent quoting at $12,285 per tonne in London.