Nickel down by 0.3% on global trends, subdued spot demand

A weakening trend overseas amid subdued spot demand affected nickel prices

Nickel futures today traded lower by 0.31% to Rs 843.50 per kg largely in tune with a weakening trend overseas amid subdued spot demand.

 

At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 2.60, or 0.31%, to Rs 843.50 per kg in business turnover of 721 lots.

 

Similarly, the metal for delivery in August traded lower by Rs 2.10, or 0.25%, to Rs 851.20 per kg in 96 lots.

 

Globally, nickel dropped 1% to $14,230 per tonne at the London Metal Exchange.

 

Market analysts said apart from weak demand from alloy- makers at domestic spot markets, a weak trend overseas after manufacturing in China weakened in July, biggest user of metals, mainly weighed on nickel prices at futures trade here.