Nickel fall 0.7% on sluggish global trend

Continuing its slide, nickel prices moved down by another Rs 5.70 to Rs 833.40 per kg in futures trade today as speculators started reducing positions amid negative cues from overseas markets.

Furthermore, subdued demand from alloy-makers in the domestic spot market weighed on prices.

At Multi Commodity Exchange, nickel for delivery in June declined Rs 5.70, or 0.68%, to Rs 833.40 per kg in a business turnover of 80 lots.

The metal for delivery in May fell Rs 5.60, or 0.67%, to Rs 825.20 per kg in 1,152 lots.

Analysts said the fall is mostly in tandem with a weakening trend in base metals in the global market as rising inventories signal ample supply.

Fall in demand from alloy makers in the domestic spot markets too put pressure, they added.

Meanwhile, stock in London Metal Exchange (LME)-tracked warehouses rose to a record 4,44,936 metric tonnes.

Inventories available for withdrawal from Shanghai Futures Exchange, known as on-warrant, rose Tuesday to 1,553 tonnes.

Globally, nickel for delivery in three months lost as much as 1.3% to $12,915 per tonne at the London Metal Exchange, while in Shanghai, it fell 3.8% to 102,340 yuan ($16,495) per tonne.