Views of Ms. Kaynat Chainwala (Research Analyst - Base Metals, Angel Commodities Broking):
"Rally in base metals is far from over as Aluminium seems to have passed the baton to Nickel. Nickel prices have surged more than 15 percent on both LME and MCX since Tuesday boosted by concerns that US sanctions on Russia could extend to Norilsk Nickel, world's second-biggest nickel producer, as well. Nickel, extensively used in production of Stainless Steel, jumped to the highest since late 2014, supported by rally in Shanghai Steel prices after Peoples' Bank of China unexpectedly cut Reserve requirement ratio by 100 bps.
This recent spurt has pushed MCX Nickel prices higher by a whopping 36 percent so far in 2018, making it the best performer across non agri commodities."