 "Nickel down 1% on global cues, low demand hurts")
Taking weak cues from global markets, nickel prices fell 0.99 per cent to Rs 912 per kg in futures trade today as speculators offloaded positions.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
In futures trading at Multi Commodity Exchange, nickel for delivery in May declined Rs 9.10, or 0.99 per cent, to Rs 912 per kg in a business turnover of 488 lots.
Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets as investors await China industrial production growth data, which is forecast to rebound from a 6-year low.
In addition, slack demand from alloy-makers in the domestic spot markets put pressure on the prices, they said.
Globally, nickel for delivery in three months lost 0.6 per cent on the London Metal Exchange to USD 14,260 per tonne.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
In futures trading at Multi Commodity Exchange, nickel for delivery in May declined Rs 9.10, or 0.99 per cent, to Rs 912 per kg in a business turnover of 488 lots.
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The June contract shed Rs 8.50, or 0.92 per cent, to Rs 920.30 per kg in five lots.
Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets as investors await China industrial production growth data, which is forecast to rebound from a 6-year low.
In addition, slack demand from alloy-makers in the domestic spot markets put pressure on the prices, they said.
Globally, nickel for delivery in three months lost 0.6 per cent on the London Metal Exchange to USD 14,260 per tonne.
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