Subdued demand drags down nickel futures by 1.13%

Subdued demand drags down nickel futures by 1.13%

16/11/2016 10:47

Nickel futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand for nickel from major consuming industries at the domestic spot market.

Further, nickel prices were down due to trimming of positions by traders in the industrial metal amid slide in physical demand from alloy-makers at the domestic spot markets. At the MCX, nickel futures for November 2016 contract is trading at Rs 760.40 per kg, down by 1.13 per cent, after opening at Rs 757.10, against a previous close of Rs 769.10. It touched the intra-day low of Rs 757.10 (at 10:46 hours).

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