Wednesday, 25 January 2017

Nickle will trade on crustal support

Amid profit-booking by speculators, nickel prices fell by 0.42 per cent to Rs 670.60 per kg in futures market today. 

Furthermore, tepid demand from consuming industries at the domestic spot markets, weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in February was down by Rs 2.80 or 0.42 per cent to Rs 670.60 per kg in a business turnover of 119 lots. 

In a similar fashion, the metal for delivery in current month eased by Rs 2.60 or 0.39 per cent to Rs 664.40 per kg in 789 lots. 

Analysts attributed the fall in nickel futures to profit-booking at existing levels by participants and a weak trend at the domestic spot markets due to weak demand from alloy-makers.

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