Published on 20/03/2017 5:32:11 PM | Source: Dion Global Solutions Ltd.

Nickel futures in reverse gear on global cues

Posted in Commodity Top News | #MCX #Commodity #Nickel

Nickel futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal on subdued physical demand. Further, muted demand from alloy-makers and other consuming industries in the domestic spot markets too weighed on nickel prices.

Traders said that fall in nickel prices at futures trade was largely in line with a weak trend in overseas markets and subdued demand from alloy-makers at the domestic spot markets. At the MCX, nickel futures for March 2017 contract is trading at Rs 665.90 per kg, down by 0.89 per cent, after opening at Rs 670.60, against a previous close of Rs 671.90. It touched the intra-day low of Rs 664.10 (at 17:05 hours).