Nickel down 1.7% on global cues, subdued demand

Analysts said offloading of positions by speculators due to sluggish demand pulled down the prices

Nickel prices fell 1.77% to Rs 1,116.20 per kg in futures trade today as speculators offloaded positions on the back of weak global trend and sluggish domestic demand.

At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 20.10, or 1.77%, to Rs 1,116.20 per kg in a business turnover of 3,446 lots.

Similarly, the metal for delivery in June traded lower by Rs 19.90, or 1.75%, to Rs 1,120 per kg in 1,323 lots.

Analysts said offloading of positions by speculators due to sluggish demand from alloy-makers in the domestic spot markets and weak global trend pulled down nickel prices at futures trade.

Meanwhile, nickel dropped 1.5% to $19,031 a tonne on the London Metal Exchange.