Nickel futures plunged by more than 2 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on sharp fall in physical demand after firm US dollar as markets digested the new US President Donald Trump's economic policies.
The greenback soared as investors acknowledged the Trump's eagerness to deliver on his campaign promises as he shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office. A stronger dollar makes dollar-denominated assets costlier for holders of other currencies.
At the MCX, nickel futures for January 2017 contract is trading at Rs 652.40 per kg, down by 2.19 per cent, after opening at Rs 668.60, against a previous close of Rs 667. It touched the intra-day low of Rs 650.40.
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