LME Nickel IHNS formation target achieved @ $29000 - Daily - Update 16 Feb 2011

[Commodity Daily]

Dear Members,

As per my last email on 2 Feb 2011, Nickel has achieved the possible target of $29000 on 15 Feb 2010(High $29095). Enjoy whopping 21% return in almost 1 month.

Happy Trading.

---------- Forwarded message ----------
From: Commodity Daily <commodi...@gmail.com>
Date: Wed, Feb 2, 2011 at 6:54 PM
Subject: LME Nickel IHNS formation target about to reach - update 02 Feb 2011
To: commodi...@googlegroups.com

Nickel has on the way to reach our target of IHNS formation formed between Sep10 to Dec10 and final neckline breakout was on 19 Jan 2011 as indicated in attached chart with greater volumes, also the Australian flood and disrupted productions supported Nickel prices fundamentally.

Bloomberg News :

INDUSTRIAL METALS:

 Copper in London Pares Gain to Record, Trades Little Changed

 Copper for three-month delivery on the London Metal Exchange traded little changed at $9,944.25 a metric ton by 1:02 p.m. in Singapore, after earlier rising to a record $9,984.75 a ton.

 Nickel Outperforms Zinc, Credit Suisse Says: Technical Analysis

 Nickel will likely outperform zinc as a price ratio of the two metals heads higher after breaking above the April 2010 high at 11.50, according to a technical analysis report on Jan. 31 by Credit Suisse Group AG.

 MINING:

 Iron Ore Production in India’s Orissa Falls 46% on Mining Curbs

  Iron ore output in India’s Orissa state, the nation’s largest producer of the steelmaking ingredient, plunged 46 percent last year as the regional government cracked down on illegal mining.

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Thanks,
Commodity Daily

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