Thursday, 9 March 2017

Nickel futures in reverse gear on overseas cues : 09 March 2017



Nickel futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on strong US dollar ahead of the US non-farm payrolls data on Friday.

Traders keenly eyed the February non-farm payrolls data on Friday as a barometer of the US economy after Fed Chair Yellen said last week that the central bank was poised to lift rates provided jobs and inflation data held up. At the MCX, nickel futures for March 2017 contract is trading at Rs 673.80 per kg, down by 0.75 per cent, after opening at Rs 682, against a previous close of Rs 678.90. It touched the intra-day low of Rs 671.50

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