Nickel declines on sluggish demand

Nickel prices declined by Rs 6.80 to Rs 875.50 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in November shed Rs 6.80, or 0.77%, to Rs 875.50 per kg, with a business turnover of 553 lots.

Likewise, the metal for delivery in October traded lower by Rs 6.10, or 0.70%, to Rs 868.90 per kg, with an open interest of 11,940 lots.

Analysts said sluggish demand from alloy-makers in the spot market mainly led to the decline in nickel futures prices.