Nickel declines marginally on sluggish demand

October contract falls 0.07%

Nickel prices traded marginally lower by 0.07% to Rs 971.70 per kg in futures market today as speculators offloaded positions on the back of sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in October traded lower by 70 paise, or 0.07%, to Rs 971.70 per kg, with a business turnover of 5,228 lots.

November nickel weakened by 60 paise, or 0.06%, to Rs 978.20 per kg, with an open interest of 205 lots.

Marketmen said speculators trimmed positions on the back of sluggish demand from alloy-makers in the spot market.