Nickel futures surge 0.24% on overseas cues

Nickel futures surge 0.24% on overseas cues

22/11/2016 16:12

Nickel futures rose during evening trade in the domestic market on Tuesday as investors and speculators bet that rising energy prices would stoke inflation, increasing the allure of commodities as a hedge for investors.

Further, the global oil prices rose on expectations that the OPEC-member countries will reach a production deal at the end of the month.

Moreover, expectations of improving appetite from China and higher demand from the US market as the dollar pared recent gains, too supported uptrend in nickel prices at futures trade. At the MCX, nickel futures for November 2016 contract is trading at Rs 777.90 per kg, up by 0.24 per cent, after opening at Rs 776, against a previous close of Rs 776. It touched the intra-day high of Rs 785 (at 16:06 hours).

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