Nickel tanks on rising stockpiles

FXStreet (Mumbai) - Nickel is on its way of the longest run of weekly losses since 2001 on rising inventory level amid concerns of a slowdown in China.

Nickel futures are trading at USD 15,190 today, more or less flat when compared to the yesterday’s close of 15210. However the prices are down 3.3% from the last week’s close of 15,710. Moreover, the inventory levels at the London Metal Exchange (LME) have jumped 44% this year to 377,538 metric tons. Meanwhile, China’s September imports of nickel, including alloys, fell 28 percent from the same month last year.

Nickel futures Technical levels

Nickel has an immediate resistance of 15,375 levels, above which the prices can rise to 15,438 levels. On the other hand, the metal has failed to sustain above 15,210 levels today, opening doors for 15,000 levels.

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