Nickel futures hurt by overseas cues

28/12/2016 16:54

Nickel futures plunged by more than 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their bets in the industrial metal to book profits and concerns about demand growth in the world’s top commodities market lingered.

Traders said concerns about Chinese property market, pointing to moves to limit property speculation in next year and a likely drop-off in Chinese government’s efforts to boost demand.

Also, participants indulged in speeding up book-squaring as year-end is approaching.

At the MCX, nickel futures for December 2016 contract is trading at Rs 692.50 per kg, down by 1.75 per cent, after opening at Rs 698.40, against a previous close of Rs 704.80. It touched the intra-day low of Rs 691.50 (at 16:54 hours).

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