Nickel shines on improving global demand outlook
06/05/2015 12:13
Nickel futures soared in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal as services activity accelerated in China and the US, two of the world’s biggest metals consumers, while growth estimate in the Euro area for 2015 was upwardly revised to 1.5 per cent from 1.3 per cent, lifting the demand outlook for the base metal.
The China services gauge rose to 52.9 in April from 52.3 in March, with a reading above 50 signaling expansion, while the ISM Services PMI climbed to 57.8 in April from 56.5 in March.
At the MCX, Nickel futures for May 2015 contract is trading at Rs 927.50 per 1 kg, up by 2.24 per cent after opening at Rs 909.7, against the previous closing price of Rs 907.20. It touched the intra-day high of Rs 932.40. (At 11:53 AM).
06/05/2015 12:13
Nickel futures soared in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal as services activity accelerated in China and the US, two of the world’s biggest metals consumers, while growth estimate in the Euro area for 2015 was upwardly revised to 1.5 per cent from 1.3 per cent, lifting the demand outlook for the base metal.
The China services gauge rose to 52.9 in April from 52.3 in March, with a reading above 50 signaling expansion, while the ISM Services PMI climbed to 57.8 in April from 56.5 in March.
At the MCX, Nickel futures for May 2015 contract is trading at Rs 927.50 per 1 kg, up by 2.24 per cent after opening at Rs 909.7, against the previous closing price of Rs 907.20. It touched the intra-day high of Rs 932.40. (At 11:53 AM).
