In the futures market, nickel for September delivery touched an intraday high of Rs 1,112.70 and a low of Rs 1,090.20 per kg on the MCX
Nickel prices declined to Rs 1,096 per kg on September 18 as participants increased their short positions.
The US Dollar Index traded down 0.15 percent at 92.83 on disappointing US economic data and the Federal Reserve’s uncertain outlook for the economy.
Nickel prices have been weighed down by the higher stocks at the London Metal Exchange (LME) accredited warehouses, but robust demand from China’s stainless steel sector may cap the downside.
In the futures market, nickel for September delivery touched an intraday high of Rs 1,112.70 and a low of Rs 1,090.20 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 1,027.50 and a high of Rs 1,158.40.
Nickel futures for September delivery slipped Rs 11.70, or 1.06 percent, to Rs 1,096 per kg at 20:24 hours on a business turnover of 1,918 lots. The same for October delivery slid Rs 12.50, or 1.12 percent, to Rs 1,104 per kg on a turnover of 240 lots.
The value of the September and October’s contracts traded so far is Rs 1,695.62 crore and Rs 33.07 crore, respectively.
"Any breakdown below Rs 1,100 would push price lower towards Rs 1,090-1,085 levels intraday," Axis Securities said.
At 14:57 (GMT), the base metal price was down 1.37 percent at $14,900 per tonne in London.For all commodities related news, click here