Nickel down 0.1% on global trends, subdued spot demand
Sluggish demand from alloy-makers at domestic spot markets, weak trend at the LME weighed on nickel prices
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Nickel futures today traded a shade lower at Rs 861.70 per kg largely in tune with a weakening trend overseas amid subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in October shed 40 paise, or 0.05%, to Rs 861.70 per kg in business turnover of 466 lots.
The metal for delivery in November also fell by a similar margin to Rs 870.40 per kg in 8 lots.
Globally, nickel prices retreated 0.2% at the London Metal Exchange (LME).
Market analysts said apart from sluggish demand from alloy-makers at domestic spot markets, a weak trend at the LME as dealers nervously wait for US lawmakers to agree a budget deal and raise the country's borrowing limit to avert a default, mainly weighed on nickel prices at futures trade here.
At the Multi Commodity Exchange, nickel for delivery in October shed 40 paise, or 0.05%, to Rs 861.70 per kg in business turnover of 466 lots.
The metal for delivery in November also fell by a similar margin to Rs 870.40 per kg in 8 lots.
Globally, nickel prices retreated 0.2% at the London Metal Exchange (LME).
Market analysts said apart from sluggish demand from alloy-makers at domestic spot markets, a weak trend at the LME as dealers nervously wait for US lawmakers to agree a budget deal and raise the country's borrowing limit to avert a default, mainly weighed on nickel prices at futures trade here.
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First Published: Oct 15 2013 | 12:45 PM IST