MCX Nickel has declined by 0.44% in the opening ticks on the back of declines in London Metal Exchange. China PMI data is playing in the minds on Asian traders that sold the holdings in spot markets. LME three month Nickel was down by $ 173 per tonne at $ 16537 per tonne on account of decline in China PMI to 50.1 levels last month.
Arcelor Mittal annual guidance for 2013 showed that global steel demand is expected to grow by 3% in 2013. In Europe, steel consumption is expected to remain declining by 1% in 2013. China is expected to grow at 3-4%.
MCX Nickel March expiry was trading at Rs 906.2 per kg, down 0.43%. The markets look supported at Rs 905 per kg. The prices tested a high of Rs 918 per kg.
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