Nickel down 0.35% on weak global cues

Sluggish demand from alloy-makers influences prices

Taking weak cues from the global markets on economic concerns, nickel prices moved down by Rs 3.40, or 0.35%, to Rs 961.50 per kg in futures market today as speculators reduced their positions.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 3.40, or 0.35%, to Rs 961.50 per kg, with a business turnover of 1,727 lots.

October nickel lost Rs 3, or 0.31%, to Rs 969 per kg, with a business turnover of 563 lots.

Marketmen said apart from a weak global trend on worries that stimulus measures from central banks would fail to revive economies, fresh concerns over the European debt crisis, led to the fall in nickel futures prices.

Besides, sluggish demand from alloy-makers in the spot market weighed on the metal prices, they said.