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Nickel futures plunged by more than 1 per cent during evening trade in the domestic market on Friday as investors and speculators exited their bets in the industrial metal due to sluggish physical demand form alloy-makers after trade data showed that some Chinese metal imports dropped sharply in the month of November and on concerns of oversupply.
As per the customs data showed on Thursday, China’s imports of nickel, refined copper and zinc fell by double-digit percentages in November, while aluminium shipments into the world’s top base metals producers jumped sharply. Further, participants indulged in speeding up book-squaring ahead of Christmas and year-end holidays.
At the MCX, nickel futures for December 2016 contract is trading at Rs 719.60 per kg, down by 1.40 per cent, after opening at Rs 725.50, against a previous close of Rs 729.80. It touched the intra-day low of Rs 717.60.
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