Nickel falls on sluggish demand, global cues
Amid a weak trend in base metals in global market and sluggish spot market demand, nickel prices fell by Rs 7.30 to Rs 1,009.60 per kg in futures trade today.
At the Multi Commodity Exchange, September nickel fell by Rs 7.30, or 0.72%, to Rs 1,009.60 per kg, with a business turnover of 9,385 lots.
The October contract lost Rs 7.40, or 0.72%, to Rs 1,014.40 per kg, with an open interest of 693 lots.
Market analysts attributed the fall in nickel futures to a weak trend in entire base metals at the London Metal Exchange along with sluggish spot market demand from alloy-makers.
Globally, nickel lost 0.9% to USD 21,100 a tonne on the London Metal Exchange.