Nickel falls over 1% in futures trade
Taking weak cues from global markets, nickel futures prices today fell by Rs 10.50, or 1.03 per cent, to Rs 1,012.30 per kg.
Slack demand from alloy-makers at physical markets also kept some pressure on the nickel futures.
At the Multi Commodity Exchange futures, nickel for delivery in September contract lost Rs 10.50, or 1.03 per cent, to Rs 1,012.30 per kg, with a turnover of two lots.
Similarly, nickel for delivery in current-month August also drifted by Rs 10.40, or 1.02 per cent, to Rs 1,004.80 per kg, with a turnover of one lot.
Meanwhile, at the London Metal Exchange, nickel declined by 1.6 per cent to $21,450 per tonne.
Analysts said reports of weakness in entire base metals pack at the London Metal Exchange after weaker-than-forecast economic data from the US dimmed recovery prospects in the world’s second-largest user of the metal, weighed on the nickel futures here.
Besides, slackness in demand from alloy-makers at spot markets also cast its shadow, they added.