Nickel rose for the second consecutive day at LME by 1.4% at $19,25 per tonne on Tuesday as Fed constructive growth economic outlook coupled with further rise in US retail sales and German investor confidence lent support to the metal which also led the metal to rise to its last week higher levels.
Nickel is likely to find support at Rs 965 per kg and Rs 955 per kg and resistance at Rs 986 per kg and Rs 999.5 per kg on Wednesday, 14th March.
Retail sales in US rose a seasonally adjusted 1.1% to $407.8 billion last month, with January's retail sales revised higher to show a 0.6% advance instead of the 0.4% initially reported, the Commerce Department said. December sales also were upwardly revised to show a 0.3% gain instead of a previously reported flat performance.
Retail sales climbed the fastest in five months in February, as rising gasoline prices weren't enough to choke off U.S. consumers' demand for cars, clothing and other goods. Sales rose in 11 of 13 categories, including auto dealers and clothing stores, showing gains in demand were broad based. Excluding autos, sales for Febuary climbed 0.9%.
MCX Aluminium accentuated by 1% or Rs 1.15 to Rs 111.6 per kg with its high at Rs 111.7 per kg and low at Rs 110.5 per kg on Tuesday, 13th March. Short covering with 12% dip in its open interest to 2310 lots favored the metal and volume traded stood at 4946 lots compared to 5882 lots traded last day. The contract traded above 27-day EMA and RSI stood at 50.45.
At LME, Aluminium grew by 0.9% at $2230.5 per tonne on Tuesday. Aluminium rose to the last week's higher levels as the eased concerns over Greece coupled with the tentative growth economic outlook from Fed Open Market Committee swayed the sentiment.
Aluminium at MCX is likely to find support at Rs 110.6 per kg to Rs 110 per kg and resistance at Rs 112.2 per kg and Rs 113.2 per kg on Wednesday, 14th March.
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