Nickel futures down in opening trade
Nickel prices fell 0.54 pc in opening trade on the domestic futures market on selling by traders on fears that steel makers might cut purchases.
By PTI |
NEW DELHI: Nickel prices on wednesday fell 0.54 per cent in opening trade on the domestic futures market on wednesday on selling by traders on fears that steel makers might cut purchases.
At 1100 hours on Multi Commodity Exchange, far-month August contract of Nickel was down 0.54 per cent at Rs 885.60 per kg with a business volume of 64 lots.
Similarly, near-month July contract was trading 0.48 per cent down at Rs 872.30 per kg with a business volume of 191 lots.
Traders said reports that stainless steel makers are holding back their purchases in nickel on hopes that prices might fall further in view of surplus global nickel production, influenced the future prices here.
There are reports that nickel, used in making stainless steel, might fall 9.5 per cent this year, analysts added.
At 1100 hours on Multi Commodity Exchange, far-month August contract of Nickel was down 0.54 per cent at Rs 885.60 per kg with a business volume of 64 lots.
Similarly, near-month July contract was trading 0.48 per cent down at Rs 872.30 per kg with a business volume of 191 lots.
Traders said reports that stainless steel makers are holding back their purchases in nickel on hopes that prices might fall further in view of surplus global nickel production, influenced the future prices here.
There are reports that nickel, used in making stainless steel, might fall 9.5 per cent this year, analysts added.
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