 "Nickel down by 0.5% on global trends")
Nickel futures today traded lower by 0.53% to Rs 968.80 per kg largely in tune with a weakening trend overseas amidst subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 5.20, or 0.53%, to Rs 968.80 per kg in business turnover of 269 lots.
Similarly, the metal for delivery December month traded lower by Rs 4.70, or 0.48%, to Rs 975.90 per kg in 9 lots.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas amid data showing property prices declined a second month in China, the largest metals consumer, and after weaker industrial production data in the US, mainly weighed on nickel prices in futures trade here.
At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 5.20, or 0.53%, to Rs 968.80 per kg in business turnover of 269 lots.
Similarly, the metal for delivery December month traded lower by Rs 4.70, or 0.48%, to Rs 975.90 per kg in 9 lots.
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Globally, nickel for delivery in three months was down 0.80% at $15,676 per tonne at the London Metal Exchange. Prices rose 1.4% to to $15,795 a tonne yesterday.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas amid data showing property prices declined a second month in China, the largest metals consumer, and after weaker industrial production data in the US, mainly weighed on nickel prices in futures trade here.
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