CAPITALSTARS MCX COMMODITY NICKEL NEWS UPDATE : : 06 August 2019
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| Capitalstars Investment Advisor |
Base Metals Preview: MCX Nickel Spikes 4% On Indonesia Supply Worries
MCX Nickel futures soared in last session as the metal bucked a weak trend in risky assets in world markets. Shanghai nickel prices soared on continued worries Indonesia's export ban on nickel ore. The most active October contract on the Shanghai Futures Exchange hit a fresh 13-month high above 119300 yuan per tonne. It also eyed broad weakness in Chinese currency as China let Yuan - its currency to slip below the closely-watched level of 7 to the dollar for the first time in more than a decade. MCX Nickel futures also spiked and closed at Rs 1064.80 per kg, up 4% on the day. Media reports noted that Indonesia's Minister of Energy and Mineral Resources has approved the ban on raw ore exports.
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