Nickel futures drop on overseas cues
23/08/2016 17:03
Nickel futures were trading lower during the evening trade in the domestic market on Tuesday as speculators cut down their bets led by fall in demand from alloy-makers at the domestic spot market amid tracking weak trend overseas.
Further, a drop in domestic demand for nickel was mainly in-line with a weak trend overseas as most industrial metals retreated following comments from a US Federal Reserve official, which bolstered speculation that US borrowing costs will rise this year. At the MCX, nickel futures for August 2016 contract is trading at Rs 686.20 per kg, down by 0.28 per cent, after opening at Rs 686.10, against a previous close of Rs 688.10. It touched the intra-day low of Rs 685.10 (at 16:50 hours).
23/08/2016 17:03
Further, a drop in domestic demand for nickel was mainly in-line with a weak trend overseas as most industrial metals retreated following comments from a US Federal Reserve official, which bolstered speculation that US borrowing costs will rise this year. At the MCX, nickel futures for August 2016 contract is trading at Rs 686.20 per kg, down by 0.28 per cent, after opening at Rs 686.10, against a previous close of Rs 688.10. It touched the intra-day low of Rs 685.10 (at 16:50 hours).
