Nickel down 0.3% on weak demand, global cues

Metal for delivery in October down by 0.28%

Nickel prices moved down by 0.34% to Rs 856.90 per kg in futures trade today as speculators reduced their position, driven by weak demand from alloy-makers in the spot market.

Besides, a lower global trend further gloomed the sentiment.

At the Multi Commodity Exchange, nickel for delivery in November declined by Rs 2.90, or 0.34%, to Rs 856.90 per kg in business turnover of 10 lots.

Similarly, the metal for delivery in October shed Rs 2.40, or 0.28%, to Rs 848.50 per kg in 284 lots.

Analysts said speculators reduced their positions on weak demand from alloy-makers in the spot market and a lower global trend as deadlocked talks on the US debt limit and an unexpected decline in China's exports fuelled concerns that demand may weaken from the world's two biggest users, mainly led to fall in nickel prices.