Base metal: Nickel futures down by 0.78 % in noon

Nickel futures drop during afternoon trade in the domestic market on Friday as investors & speculators exited their positions in the industrial metal despite rising bets of inflation in China and the United States, and signs of increase enery in the US manufacturing sector. 

At the MCX, nickel futures for Nov 2016 contract is trading at Rs 785.60 per kg, down by 0.78 %, after opening at Rs 792.60, against a previous close of Rs 791.80. It touched the intra-day lower of Rs 781.50.

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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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DAILY COMMODITY COPPER , NICKEL TIPS & CORIANDER, CARDAMOM UPDATES 22 JAN 2014

Base Metals & Energy
COPPER   NICKEL
                                                               D A I L Y B U Z Z
COPPER
Copper prices fell by 0.31 per cent to Rs 455.05 per kg in futures trade today as speculators reduced
holdings due to sluggish demand from consuming industries in the spot market.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.40, or 0.31 per cent, to Rs 455.05 per kg in business turnover of 3,178 lots.

Similarly, the metal for delivery in April shed Rs 1.30, or 0.28 per cent, to Rs 460 per kg in 86 lots.

NICKEL
Nickel prices moved down by 0.53 per cent to Rs 890.30 per kg in futures market today on profitbooking by speculators driven by a decline in demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in January moved down by Rs 4.70, or 0.53 per cent, to Rs 890.30 per kg in a business turnover of 1,541 lots.

Similarly, the metal for delivery in February traded lower by Rs 4.20, or 0.47 per cent, to Rs 897 per kg in 104 lots.

Agro Outlook
CORIANDER  CARDAMOM
                                                            D A I L Y B U Z Z
CORIANDER
Coriander prices surged by 3.73 per cent to Rs 9,270 per quintal in futures trading today as speculators enlarged their positions on upsurge in spot market demand.

At the National Commodity and Derivative Exchange, coriander for delivery in April jumped by Rs 333, or 3.73 per cent, to Rs 9,270 per quintal with an open interest of 19,570 lots.

Similarly, the spice for delivery in February shot up by Rs 276, or 3.40 per cent, to Rs 8,388 per
quintal in 31,650 lots.

CARDAMOM
Cardamom remained higher for the second straight day and prices added 0.46 per cent to Rs 740.30 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on rising demand. Tight supplies in the physical market following less arrivals from producing belt also influenced cardamom prices.

At the Multi Commodity Exchange, cardamom for delivery in March added Rs 3.40, or 0.46 per cent, to Rs 740.30 per kg in a business turnover of 50 lots. Likewise, the spice for delivery in February edged up by 90 paise, or 0.13 per cent, to Rs 709 per kg in 45 lots.

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