Published on 23/05/2017 5:49:52 PM | Source: Dion Global Solutions Ltd

Nickel futures in reverse gear

Posted in Top Stories| #MCX #Commodity #Nickel

Nickel futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on diminishing demand from consuming industries at the domestic spot markets.

Further, trimming of positions by participants, tracking a reversing trend at the spot market on falling demand from alloy-makers, mainly influenced the slide in nickel prices at futures trade. At the MCX, nickel futures for May 2017 contract is trading at Rs 603.60 per kg, down by 0.31 per cent, after opening at Rs 606.60, against a previous close of Rs 605.50. It touched the intra-day low of Rs 602 (at 17:14 hours).