Nickel down by 1.4% on global cues

Subdued domestic demand, particularly from alloy-makers also affected prices

Nickel prices moved down by 1.37% to Rs 892.50 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market amid a weak global trend.

 

At the Multi Commodity Exchange, nickel for delivery in October month declined by Rs 12.40, or 1.37% to Rs 892.50 per kg in a turnover of 60 lots.

 

Similarly, the metal for delivery in September traded lower by Rs 12.10, or 1.35% to Rs 884.20 per kg in 1,005 lots.

 

Analysts attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in copper and other base metals at the global market on concerns that the US Federal Reserve may curtail stimulus, reducing demand for the metal.