Nickel futures down on sluggish demand

Nickel futures prices declined by Rs 5.60 to Rs 1,176.60 per kg today, as speculators reduced their positions on sluggish demand from alloy makers.

At the Multi Commodity Exchange counter, nickel for February fell by Rs 5.60, or 0.47 per cent, to Rs 1,176.60 per kg, with a business turnover of three lots.

Similarly, the metal for delivery in January declined by Rs 5, or 0.43 per cent, to Rs 1168.30 per kg, with a trade volume of just two lots. 

Market analysts said reduced offtake by alloy makers mainly led to decline in nickel futures prices.