Nickel bears rule the roost
04/08/2016 14:35
Nickel futures tumbled by more than 2 per cent during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for nickel from alloy-makers in the spot market.
Mixed US economic data signaled an uncertain demand outlook for metals as services activity cooled in July but private employment growth was stronger. While the US private sector added 179,000 workers in July, up from June’s 176,000, the US services index cooled from a seven-month high of 56.5 in June to 55.5 in July, but remained above the neutral 50-mark.
At the MCX, nickel futures for August 2016 contract is trading at Rs 704.6 per kg, down by 2.19 per cent, after opening at Rs 715.50, against a previous close of Rs 720.40. It touched the intra-day low of Rs 702.50 (at 14:33 PM)
04/08/2016 14:35
Mixed US economic data signaled an uncertain demand outlook for metals as services activity cooled in July but private employment growth was stronger. While the US private sector added 179,000 workers in July, up from June’s 176,000, the US services index cooled from a seven-month high of 56.5 in June to 55.5 in July, but remained above the neutral 50-mark.
At the MCX, nickel futures for August 2016 contract is trading at Rs 704.6 per kg, down by 2.19 per cent, after opening at Rs 715.50, against a previous close of Rs 720.40. It touched the intra-day low of Rs 702.50 (at 14:33 PM)
