 "Nickel weakens by 0.9% on sluggish demand")
Nickel prices moved down by 0.85% to Rs 868.20 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 September declined by Rs 7.40, or 0.85% to Rs 868.20 per kg in a turnover of 1,228 lots.
Similarly, the metal for delivery in October traded lower by Rs 6.80, or 0.77% to Rs 878.20 per kg in 143 lots.
Also Read
Globally, nickel slid 1.30% to $13,885.00 a tonne on the London Metal Exchange (LME).
Analysts attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in copper and other base metals at the global market after Chinese imports fell, suggesting demand by the largest consumer may be weaker than estimated.