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China gloom takes down Nickel

By Religare
|

Nickel futures plunged by more than 1 per cent 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 in the domestic spot market.

Further, a freefall in Chinese equities which shed more than 4.2 per cent today signaled deep rooted problems in the world's second biggest economy, which also happens to be the largest consumer of Nickel in the world, darkening the demand outlook for the metal.

 

Manufacturing activity in China hit the lowest level in 77 months in August 2015, falling deep into contraction territory, adding to the gloomy sentiment in the metal.

At the MCX, Nickel futures for August 2015 contract closed at Rs 670.40 per 1 kg, down by 1.15 per cent after opening at Rs 679.30, against the previous closing price of Rs 678.20. It touched the intra-day low of Rs 661 till the closing. (At 14:22 PM IST).

Story first published: Friday, August 21, 2015, 23:00 [IST]
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