Nickel futures fell during noon trade With Weak Physical Demand

 

Base Metal tips -  Nickel futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for nickel from alloy-makers in the domestic spot market.
 

Weak US economic data which showed that jobless claims rose last week and services growth hit a six-month low in November, signaled a slowdown in the world’s biggest economy also threatened to curb demand for the industrial metal.
 

The number of Americans who filed for claiming unemployment insurance benefits climbed 9,000 to 269,000 in the week ended November 28, while the gauge measuring US services fell the most in seven years, dropping to 55.9 in November from 59.1 in October, with a reading above 50 signaling expansion.
 

At the MCX, Nickel futures for December 2015 contract were trading at Rs 594.20 per 1 kg, down by 0.15 per cent, after opening at Rs. 594.6, against the previous closing price of Rs. 595.1. It touched an intraday low of 592.3.

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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.

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MCX Commodity Tips - NCDEX Agri Commodity Market Data

Precious metals are trading higher on International bourses today. We expect prices to trade higher for the day. All base metals are trading on a positive note today. We expect prices to trade higher for the day on account of heavy risk appetite in the market. Crude oil is trading flat on NYMEX today. We expect prices to trade higher for the day.

NCDEX Agri Commodity Market Updates Today:

Guar Complex is expected to trade higher for the day. Outlook for Chana is down for the day. Outlook for Jeera is sideways to up for the day. Pepper futures to trade higher for the day. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.

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MCX Commodity Market News and NCDEX Agri Tips Today

Precious metals are trading lower on COMEX today. Industrial metals are trading flat on International bourses today. We expect prices to trade lower for the  day on account of concerns over euro zone debt worries. Crude oil is trading higher on NYMEX today. We expect prices to trade lower for the day.

Outlook for Jeera is sideways to up for the day. Pepper futures to trade higher for the day. Guar Complex is expected to trade higher for the day. Outlook for Chana is down for the day. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.

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