Nickel futures were trading higher during evening trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on surge in demand as the greenback eased ahead of the US Fed’s policy meeting that kicks off later in the day, which could provide further clues over the timing of interest rate hikes this year.
Further, the central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.
At the MCX, nickel futures for June 2017 contract is trading at Rs 564.70 per kg, up by 0.12 per cent, after opening at Rs 564, against a previous close of Rs 564. It touched the intra-day high of Rs 568 (at 16:56 hours).
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