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Nickel down 0.6% on weak global cues

Sluggish demand influences prices

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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.

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Zinc marginally up by 0.13%

Zinc futures prices rose marginally by 0.13% to Rs 112.65 per kg in futures trade today as speculators enlarged positions.

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