Nickel Futures Surged By 1.5 percent During Noon Trade

Nickel Updates - Nickel futures surged by more than 1.5 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal, amidst a pickup in physical demand, for nickel, from alloy-makers in the domestic spot market.

Further, fresh stimulus in China, the world’s biggest metals consumer, eased worries over a slowdown in the country’s economy, lifting the demand outlook for Nickel. The People’s Bank of China injected 100 billion yuan into the country’s banking system through reverse repurchase agreements to help spur lending in the world’s second biggest economy, while policymakers reduced minimum down payments required for home purchases to boost the housing market.
 

A private survey showed that China’s services gauge climbed to 52.4 in January from December’s 17-month low of 50.2, signaling a pickup in the sector.
 

At the MCX, Nickel futures for February 2016 contract is trading at Rs 581.8 per kg, up by 1.59 per cent after opening at Rs 577.9, against the previous closing price of Rs 572.7. It touched the intra-day high of Rs 583.4 .

Nickel Ticks Higher Despite Dismal China Data

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.