Nickel weaken by 0.5% on sluggish demand

A weak trend in base metals at the global market also affected prices

Nickel prices moved down by 0.54% to Rs 839.50 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market amid a weak global trend.

 

At the Multi Commodity Exchange, nickel for delivery in October declined by Rs 4.60, or 0.54% to Rs 839.50 per kg in a turnover of 500 lots.

 

Similarly, the metal for delivery in November traded lower by Rs 4.40, or 0.52% to Rs 848.40 per kg in 45 lots.

 

Analysts attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in base metals at the global market on concern that the US political impasse could lead to a recession in the world's biggest economy.