Nickel futures in reverse gear

Nickel futures fell during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal despite rising bets of inflation in China and the United States, and signs of growing strength in the US manufacturing sector.

MCX settled down -0.84% at 791.8 tracking LME prices falling by 0.2 percent to $11,580 on profit booking after prices gained on Wednesday after better-than-estimated U.S. data on durable goods and manufacturing. Inventories fell 222 tonnes to 367,728 tonnes and cancelled warrants dropped 324 tonnes to 127,170 tonnes. LME stocks are falling – they are down 17% in the year to date. Available stocks at 239,886 tonnes are near this year’s low.

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