Further downside expected for nickel

Nickel Investing News reports nickel prices fell and further declines is expected.

While the U.S. presidential race was coming to a close, early morning trading on India’s Multi Commodity Exchange (MCX) was underway. Nickel futures dropped sharply with the November 2008 contract opening at Rs 605 per kg compared to its earlier closing of Rs 612.10. The contract oscillated between Rs 584.10 to Rs 605, and was last traded at Rs 592.40. Nickel December 2008 contract opened at Rs 611 per kg as compared to its previous closing of Rs 625.70. Nickel January 2009 contract fell 3.02 per cent at Rs 614 per kg as compared to its previous closing of Rs 633.10.

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