Today Subdued demand drags down nickel futures by 0.28%

 

Nickel futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for nickel from major consuming industries in the domestic spot market.

The prices of nickel fall due to exiting of positions by participants in the industrial metal on account of subdued physical demand from alloy-makers at domestic spot markets.

At the MCX, nickel futures for October 2016 contract is trading at Rs 680.10 per kg, down by 0.28 per cent, after opening at Rs 681.90, against a previous close of Rs 682. It touched the intra-day low of Rs 679.90.

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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 .

Gold Futures Ended lower in the Domestic and Overseas Market

Gold futures ended lower in the domestic and overseas market on Wednesday as investors and speculators exited positions in the precious metal as fears that Greece may closed the euro eased, fading the safe haven desired for the bullion. Speculation is rife that Greece and its international creditors will soon reach a debt compromise to continue the country’s bailout accord, enabling Greece to avert a funding crunch and averting an exit from the monetary union. Greece was set to submit a request for a six-month loan extension to the Euro area. The largest drop in US producer prices since November 2009 in January 2015 signaled weakening inflation in the world’s largest economy, boosting the case for the US Federal Reserve to stay put on low-lying interest rates for the time being, bolstering the appeal of the bullion as a store of value, cutting losses in the bullion. US wholesale prices slide 0.8 % in January from the last month when they decreased 0.2 %. Gold may increase today after minutes from the US Federal Reserve’s newest meet signaled that policymakers are willing to keep interest rates near zero for a longer period as risks such as a powerful dollar and the Greek crisis, overshadow a strong US labour market regaining. Gold futures for April 2015 contract closed at Rs 26,137 per 10 gram, down by 0.31 per cent after opening at Rs 26,244, against the last ending price of Rs 26,219. It touched the intra-day low-lying of Rs 26,070 till the ending.

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Nifty Futures Updates For 16 February 2015

Nifty Futures Tips

Nifty futures opened upward at 8785.00 with +32.80 point from the last day of closing at 8752.20. From the opening we saw constantly buying in Nifty, Nifty opened with day low-lying of 8762.70 and the full day we saw constantly buying in Nifty and near ending of the market Nifty ended positive at 8841.55 with +1.02 percent, +89.35 points upward traded with day max of 8870.65. At the end of the day Nifty futures Gained profit of +1.02 percent, +89.35 points upward to end at 8841.55 from the last day closing at 8752.20 with premium of +36.05 points and percent change in open interest of +1.98 percent.

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