Nickel futures in reverse gear

30/03/2017 17:04

Nickel futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on fall in physical demand amid stronger US dollar.

The greenback strengthens on strong US economic data that boosted expectations for further interest rate hikes by the US Federal Reserve this year.

Meanwhile, investors waited for further clues for direction as the final US fourth-quarter growth numbers are announced later in the session, or when China’s manufacturing figures are out on Friday. At the MCX, nickel futures for March 2017 contract is trading at Rs 645.10 per kg, down by 0.17 per cent, after opening at Rs 643.70, against a previous close of Rs 646.20. It touched the intra-day low of Rs 641.50 (at 17:05 hours).

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