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Nickel up despite deepening China gloom

By Religare
|

Nickel futures were trading higher during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for Nickel in the domestic spot market.

However, concerns that a severe China equity rout may signal worsening health of the world's second biggest economy trimmed gains in the base metal. China's benchmark index, the Shanghai Composite tumbled by over 3.4 per cent today on worries that the massive devaluation of the Yuan last week may spark capital outflows from Asia's biggest economy which is poised to grow at the weakest pace in two decades this year, darkening the demand outlook for Nickel, given that China is the world's biggest consumer of the metal.

 

At the MCX, Nickel futures for August 2015 contract closed at Rs 682.50 per 1 kg, up by 0.41 per cent after opening at Rs 677.40, against the previous closing price of Rs 679.70. It touched the intra-day high of Rs 684.60 till the closing. (At 14:37 PM IST).

Story first published: Thursday, August 20, 2015, 23:00 [IST]
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