Nickel down 0.6% on weak global cues

Sluggish demand influences prices

Nickel futures prices fell by 0.61% to Rs 963.80 per kg today, tracking a weakening trend in base metals in the global markets.

At the Multi Commodity Exchange, nickel for delivery in December traded Rs 5.90, or 0.61%, to Rs 963.80 per kg in a turnover of 5,116 lots.

January nickel declined by Rs 5.40, or 0.55%, to Rs 969.70 per kg, with a business turnover of 464 lots.

Market participants said apart from sluggish demand from alloy-makers, weakness in base metals at the London Metal Exchange (LME) amid concerns that budget negotiations deteriorated in the US put pressure on nickel futures here.