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Last Updated : Aug 10, 2020 07:15 PM IST | Source: Moneycontrol.com

Nickel futures slip 0.58% to Rs 1,089.30 per kg on dollar rebound

In the futures market, nickel for August delivery touched an intraday high of Rs 1,092.50 and a low of Rs 1,074.80 per kg on the MCX.

 
 
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Nickel prices edged lower to Rs 1,089.30 per kg on August 10 as participants increased their short positions.

Global sentiment remains bleak amid escalations in US-China trade tensions along with uncertainty surrounding a further US fiscal stimulus.

Base metals complex traded positively with most metals witnessing a strong rally last week. Nickel prices rose after key producing nation the Philippines re-imposed lockdown measures in some parts of the country.

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Based metals had a volatile session with gains in the first half and profit booking in the second half following a rebound in the Dollar Index, which surged after US non-farm payrolls data.

In the futures market, nickel for August delivery touched an intraday high of Rs 1,092.50 and a low of Rs 1,074.80 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 963.60 and a high of Rs 1,117.

Nickel futures for August delivery slipped Rs 6.3, or 0.58 percent, to Rs 1,089.30 per kg at 18:26 hours on a business turnover of 1,866 lots. The same for September contract eased Rs 4.80, or 0.44 percent, to Rs 1,093.80 per kg on a turnover of 108 lots.

The value of the August and September contracts traded so far is Rs 1,638.40 crore and Rs 14.74 crore, respectively.

"Intraday weakness will be seen in nickel as long as Rs 1,105-1,115 is capped as resistance. However, downside too will be limited around Rs 1,077-1,068 area," according to Motilal Oswal.

At 1301 (GMT), the base metal futures was down 0.28 percent at $14,315 per tonne in London.

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First Published on Aug 10, 2020 07:15 pm
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