Base Metal tips - Nickel futures were trading tad higher during noon trade in the domestic market on Tuesday as robust physical demand for the industrial metal in the domestic spot market, more than offset poor China factory data, which showed that manufacturing in the world’s second biggest economy shrank at the fastest pace in three months, raising fears of a worsening economic slowdown in the world’s biggest metals consumer.
The official China factory gauge fell to the lowest level in three years at 49.6 in November from 49.8 in October, with a reading below 50 signaling contraction. November marked the fourth straight month of contraction in China’s manufacturing activity.
At the MCX, Nickel futures for December 2015 contract were trading at Rs 594.4 per 1 kg, up by 0.08 per cent, after opening at Rs. 596.2, against the previous closing price of Rs. 593.9. It touched an intraday high of 598.9.
The official China factory gauge fell to the lowest level in three years at 49.6 in November from 49.8 in October, with a reading below 50 signaling contraction. November marked the fourth straight month of contraction in China’s manufacturing activity.
At the MCX, Nickel futures for December 2015 contract were trading at Rs 594.4 per 1 kg, up by 0.08 per cent, after opening at Rs. 596.2, against the previous closing price of Rs. 593.9. It touched an intraday high of 598.9.
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