Nickel down on sluggish spot demand

Nickel future declined in the local markets today owing to sluggish demand in the spot markets.

At the MCX, the June contract declined by 0.31% to Rs 927.70 per kg, with a business turnover of 634 lots.

The May contract shed Rs 2.60, or 0.28 per cent, to Rs 916.60 per kg, with an open interest of 10,745 lots.

Market analysts said apart from sluggish demand from alloy-makers in the spot market, a weak trend in global markets mainly led to a decline in nickel prices at futures trade.

Meanwhile, nickel declined 0.1% to $17,150 a tonne on the London Metal Exchange.