Wednesday, 19 October 2016

Nickel bears in control : 19 Oct 2016


Nickel futures plunged by 1.5 per cent during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid weak physical demand for nickel from alloy-makers in the domestic spot market.

Traders seemed unimpressed with Chinese economic data as Q3 economic growth was unchanged at 6.7 percent from the June quarter while industrial output growth of 6.1 percent in September came in below estimates, clouding the metal’s demand outlook.

At the MCX, nickel futures for October 2016 contract is trading at Rs 685 per kg, down by 1.5 per cent, after opening at Rs 692.8, against a previous close of Rs 692.9 It touched the intra-day low of Rs 683.6. 

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