Nickel declines on reduced demand, global cues

Nickel prices declined modestly after four session surge non-ferrous metal market here today on reduced demand from stockists in the backdrop of lower global cues.
Meanwhile, tin, aluminium ingots and select copper moved up owing to good offtake from industrial users.
The industrial metal nickel slipped at the LME in early trade, losing steam after supply concerns drove a rally of more than 15 percent in three days, while London copper steadied on the prospect that a slowdown in top consumer China could be countered by fresh stimulus.
Nickel eased by Rs 5 per kg to Rs 1,320 from Tuesday's closing level of Rs 1,325.

However, tin rose by Rs 5 per kg to Rs 1,620 as against Rs 1,615 previously.
Aluminium ingots edged up by Rs 2 per kg to Rs 151 from overnight close of Rs 149, while copper cable scrap, copper scrap heavy, copper armiture, copper wire bar and copper sheet cutting all inched up by a Re per kg to Rs 497, Rs 492, Rs 483, Rs 525 and Rs 476, respectively.