Nickel down 0.64% on weak global cues

Sluggish demand from alloy-makers influences prices

Nickel prices moved down by Rs 6.30, or 0.64%, to Rs 979.90 per kg in futures market today as speculators reduced their positions, taking weak cues from the global markets on economic concerns.

At the Multi Commodity Exchange, nickel for delivery in October declined by Rs 6.30, or 0.64%, to Rs 979.90 per kg, with a business turnover of 5,257 lots.

November nickel lost Rs 6, or 0.60%, to Rs 986.40 per kg, with a business turnover of 208 lots.

Marketmen said a weak global trend before the data that may add to signs of economic weakness in Europe 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.