Nickel rallies over 1% in noon trade 07/09/2016

Nickel rallies over 1% in noon trade
07/09/2016 15:28
Nickel futures rose by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid robust physical demand for nickel, from alloy-makers, in the domestic spot market.
Continued speculation of dwindling supplies from Philippines in the wake of a government crackdown on illegal mines exacerbated concerns of a shortage of the metal, while an improving demand outlook from China amid signs of a stabilizing economic slowdown, also offered support to prices.
At the MCX, nickel futures for September 2016 contract is trading at Rs 678.9 per kg, up by 1.15 per cent, after opening at Rs 671.90, against a previous close of Rs 671.20. It touched the intra-day high of Rs 679.6 (at 15:25 PM).