Friday, November 20, 2015

Nickel Hit By China SlowDown

Nickel Tips - Nickel futures were trading lower during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal as weak physical demand in the domestic spot market, and fears over a worsening economic slowdown in China, the world’s biggest metals consumer, weighed on sentiment.

A leading index for China grew at a slower pace in October, signaling a deepening slowdown in the world’s biggest economy, which is set to grow at the weakest pace in 25 years in 2015. The China Leading Index climbed 0.6 per cent in October from September when it advanced 1.6 per cent.

At the MCX, Nickel futures for November 2015 contract were trading at Rs. 590 per 1 kg, down by 0.44 per cent, after opening at Rs. 588.5, against the previous closing price of Rs. 592.6. It touched an intraday low of 587.