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Last Updated : Jul 17, 2020 07:50 PM IST | Source: Moneycontrol.com

Nickel futures drop 0.9% in evening trade, expert sees further downside

In the futures market, nickel for July delivery touched an intraday high of Rs 1,012 and a low of Rs 1,003.30 per kg on the MCX.

Nickel prices dropped to Rs 1,006 per kg on July 17 as participants increased their short positions.

Base metals in international markets traded sideways to lower amid uncertainty over global recovery and lingering tension between the US and China.

In the futures market, nickel for July delivery touched an intraday high of Rs 1,012 and a low of Rs 1,003.30 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 924.10 and a high of Rs 1,036.60.

Close

Nickel futures for July delivery slipped Rs 9.10, or 0.90 percent, to Rs 1,006.10 per kg at 18:59 hours on a business turnover of 1,920 lots. The same for August delivery was down Rs 8.80, or 0.86 percent, to Rs 1,010 per kg on a turnover of 283 lots.

The value of July and August's contracts traded so far is Rs 1,293.72 crore and Rs 11.69 crore, respectively.

"Nickel is trading in a descending triangle pattern and is expected to trade negatively. Any breakdown below Rs 1,009 would trigger the next leg of correction and drag prices lower towards Rs 1,000-995 levels intraday," Axis Securities said.

Source: Axis Securities

At 13:32 (GMT), the base metal futures was trading down 0.75 percent at $13,292.50 per tonne in London.

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First Published on Jul 17, 2020 07:50 pm
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