Nickel slumps on sustained selling, global cues

Nickel prices slumped at the non-ferrous metal market here today on sustained stockists selling amidst subdued demand from alloy industries driven by lower global cues.
Elsewhere, brass fell further owing to lower demand from consumer industries.
Meanwhile, Select copper and aluminium ingots recovered modestly on better offtake from industrial users.
On the global front, the industrial metal were trading lower in early trade amid firm dollar as well as Chinese woes.
Nickel dropped by Rs 20 per kg to Rs 1,150 from last Wednesday's closing level of Rs 1,170.
Brass sheet cutting declined by Rs 6 per kg to Rs 334 from Rs 340.

Brass utensils scrap and gun metal scrap moved down by Rs 2 per kg each to Rs 328 and Rs 408 from Rs 330 and Rs 410, respectively.

However, Aluminium ingots climbed by Rs 4 per kg to Rs 169 as compared to Rs 165 previously.
Copper scrap heavy gained by Rs 3 per kg to Rs 473 as against Rs 470 last Wednesday.
Copper cable scrap and copper wire bar moved up by Rs 2 per kg each to Rs 482 and Rs 510 from Rs 480 and Rs 508.
Aluminium utensils scrap and lead inched-up by Re 1 per kg each to Rs 135 and Rs 138, respectively.