Nickel Expected To Extend Losses

Nickel.......

LME Nickel prices were seen extending their losses on the back of heightened profit booking after the China reported decline in manufacturing numbers. Nickel has been of the metals that has suffered losses of 19 percent this year. The rise of supplies in the world markets and drop in demand of stainless steel has pressured this metal. LME three month prices was trading at $ 13757 per tonne on Friday. MCX Nickel benchmark contract was trading at Rs 815.5 per kg, down 0.6 percent. The prices tested a high of Rs 821.4 per kg and a low of Rs 815.7 per kg. This month, China State Reserves Bureau decided to buy 60000 metric tonnes of Nickel in 2013 .This has brought some gains in Nickel at the beginning of the month. Although this is not a major quantity considering the heavy supplies that is unused in China and world over. Source by Commodity Insights