Published on 17/02/2017 5:28:51 PM | Source: Dion Global Solutions Ltd.

Nickel futures drop 0.87% on overseas cues

Posted in Commodities| #MCX #Commodity #Nickel

Nickel futures were trading lower during evening trade in the domestic market on Friday as investors and speculators indulged in profit booking in the industrial metal on fall in physical demand amid firm US dollar.

The greenback remained firm after the US Fed Chair Janet Yellen supported a near-term interest rate hike due to signs of robust economic growth, influenced nickel prices at futures trade.

At the MCX, nickel futures for February 2017 contract is trading at Rs 733.20 per kg, down by 0.87 per cent, after opening at Rs 734.20, against a previous close of Rs 739.60. It touched the intra-day low of Rs 739.60.