Sluggish demand influences prices
Nickel futures prices fell by 0.61% to Rs 963.80 per kg today, tracking a weakening trend in base metals in the global markets.
At the Multi Commodity Exchange, nickel for delivery in December traded Rs 5.90, or 0.61%, to Rs 963.80 per kg in a turnover of 5,116 lots.
January nickel declined by Rs 5.40, or 0.55%, to Rs 969.70 per kg, with a business turnover of 464 lots.
Market participants said apart from sluggish demand from alloy-makers, weakness in base metals at the London Metal Exchange (LME) amid concerns that budget negotiations deteriorated in the US put pressure on nickel futures here.
Zinc futures prices rose marginally by 0.13% to Rs 112.65 per kg in futures trade today as speculators enlarged positions.