Nickel marginally down by 0.3% on global cues, subdued demand

Nickel for delivery in July traded lower by 0.27%

Nickel prices fell marginally by 0.36% to Rs 824.80 per kg in futures trading largely in tandem with a weakening trend overseas.

At the Multi Commodity Exchange, nickel for delivery in August fell by Rs 2.20, or 0.36%, to Rs 824.80 per kg in business turnover of 238 lots.

Similarly, nickel for delivery in July traded lower by Rs 2.10, or 0.27%, to Rs 816.40 per kg in 5,064 lots.

Marketmen said the fall in nickel prices at futures was mostly attributed to a weak trend overseas after a report showed that US employment climbed more than forecast in June, fuelling speculation that policy makers will pare economic stimulus as the economy gains.
 
Besides, subdued demand from alloy-makers also weighed on metal's prices, they said.