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Nickel down on sluggish spot demand

Gains on the LME limited losses

Press Trust of India  |  New Delhi 

prices fell by Rs 8.20 to Rs 920.20 per kg in trading today as speculators reduced their positions on the back of sluggish demand from alloy makers.

However, gains in base metals at the London Metal Exchange restricted the losses.

At the MCX, for delivery in June fell by Rs 8.20, or 0.88%, to Rs 920.20 per kg, with a business turnover of 5,196 lots.

The July contract declined by Rs 8, or 0.85%, to Rs 930.30 per kg in 416 lots.

Market analysts said sluggish demand from alloy-makers in the spot market, mainly put pressure on the prices at trade but a firming trend overseas limited the losses.

Globally, gained 0.9% to $16,380 a tonne on the London Metal Exchange.

First Published: Fri, June 01 2012. 14:45 IST