Nickel has been the best performer on the international markets with gains of 5.3 percent in May’14 as OAO GMK Norilsk Nickel, the world’s largest producer of the metal, forecast the market surplus will shrink to the smallest in four years in 2014 after the Indonesian ban on ore exports.
Copper prices are likely to trade with a negative bias as the US economic recovery as indicated by the recent contraction in GDP of 1 percent has fuelled worries with regards to the demand outlook for the red metal.
MCX SILVERMIC June contract was trading at Rs 39756 down Rs 93, or 0.23 percent. The SILVERMIC rate touched an intraday high of Rs 39880 and an intraday low of Rs 39665. So far 14095 contracts have been traded.