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 GOLD, SILVER TIPS & LEAD NICKEL UPDATE 17 JAN 2014

Precious Metals

SILVER  GOLD 

                                                      D A I L Y B U Z Z

Gold edged higher 0.17 per cent to Rs 28,423 per 10 gram in futures trade as participants enlarged positions amid positive Asian cues. 

At the Multi Commodity Exchange, metal for delivery in far-month April contracts gained Rs 49, or 0.17 per cent, to trade higher at Rs 28,423 per 10 gram in a turnover of 834 lots.

Similarly, the metal for delivery in February contracts moved up by Rs 21, or 0.07 per cent, to Rs 29,040 per 10 gram, clocking a business volume of 834 lots.

Similarly, the metal for delivery in February contracts moved up by Rs 21, or 0.07 per cent, to Rs 29,040 per 10 gram, clocking a business volume of 834 lots. 

Analysts said fresh positions built up by speculators in tune with a firming trend in the Asian region helped gold futures to trade higher. 

Globally, gold rose 0.12 per cent to $1,243.50 an ounce in Singapore on Thursday.

Base Metals & Energy

LEAD  NICKEL

                                                    D A I L Y B U Z Z

Lead futures prices rose marginally to Rs 136 per kg on rising spot demand and positive cues from global markets.

At the Multi Commodity Exchange, lead for delivery in January traded 25 paise, or 0.18 per cent higher at Rs 136 per kg, with a turnover of 597 lots.

The metal for delivery in February also rose by 15 paise, or 0.11 per cent to trade at Rs 137 per kg, in a 

business turnover of 14 lots. 

Extending its rising streak for yet another day, nickel prices moved up further by 0.25 per cent to Rs 

895.40 per kg in futures market as speculators engaged in enlarging positions, tracking a firming trend 

overseas and increased demand from alloy-makers. 

At the Multi Commodity Exchange, nickel for delivery in January gained Rs 2.20, or 0.25 per cent, to Rs 895.40 per kg in business turnover of 513 lots. In a similar fashion, the metal for delivery in February rose Rs 1.60, or 0.18 per cent, to Rs 902.60 per kg in 50 lots. 

Market analysts said apart from rising domestic demand from alloy-makers, firmness in copper and 

other base metals at the London Metal Exchange (LME) on speculation that an improving global 

economy will increase demand also influenced nickel futures prices. 

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