Nickel futures surge on overseas cues

Nickel futures surge on overseas cues

23/11/2016 16:18

Nickel futures rose during evening trade in the domestic market on Wednesday as investors and speculators bet that rising energy prices would stoke inflation, while falling inventories also supported prices.

Moreover, signs of rising US inflation and further depreciation in the yuan, too supported uptrend in nickel prices at futures trade.

Nickel seems to be a cheaper hedge against inflation than precious metals.

Further, bullish homes sales data has added to signs of an improved US economic outlook, which supported nickel prices. At the MCX, nickel futures for November 2016 contract is trading at Rs 775.10 per kg, up by 0.16 per cent, after opening at Rs 776, against a previous close of Rs 773.90. It touched the intra-day high of Rs 778.30 (at 16:13 hours).

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