Nickel marginally down on global cues, subdued demand

Nickel futures prices fell by 1.01% to Rs 986.90 per kg today, as speculators offloaded positions, largely in line with a weak trend at the London Metal Exchange (LME).

Subdued demand from alloy makers in the spot market also put pressure on nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in September dropped by Rs 9.10, or 1.01%, to Rs 986.90 per kg, with a business turnover of 3,043 lots.

Similarly, the metal for delivery in October lost Rs 9.30, or 0.93%, to Rs 993.90 per kg, with a trade volume of 524 lots.

Globally, nickel lost 0.5% to $20,300 a tonne at the LME.

Market analysts attributed the fall in nickel futures prices to a weakening trend in the entire base metals at the LME as investors focused on a possible slowdown in the global economy.