Nickel down 0.2% on weak global markets

Weaakness gin abroade, fearns of lower offtake from China add to negative sentiment

Amid a weakening trend at the London Metal Exchange and sluggish domestic demand, nickel futures shed 0.21% to Rs 906 per kg today.

At the Multi Commodity Exchange, nickel for delivery in August traded Rs 1.90, or 0.21% lower, at Rs 906 per kg, with a business turnover of 91 lots.

The July contract shed Rs 1.80, or 0.20%, to Rs 895.40 per kg, with a business turnover of 815 lots.

Marketmen said weakness in copper and other base metals at the London Metal Exchange (LME) after China's premier said the momentum for a recovery in economic growth is not yet in place, raising speculation that demand may decline in the world's largest user, mainly put pressure on the nickel prices at futures trade.

Further, slackened demand at domestic spot markets from alloy-makers also weighed on metal prices, they said.

Globally, nickel fell 0.2% to $16,120 per tonne at the LME.