Nickel down 0.1% on global trends, subdued spot demand

Metal for delivery in November shed 0.01%

Nickel futures today traded marginally lower at Rs 862.50 per kg largely in tune with a weakening trend overseas amid subdued spot demand.

 

At the Multi Commodity Exchange, nickel for delivery in October weakened by Re 1, or 0.10%, to Rs 862.50 per kg in business turnover of 287 lots.

 

The metal for delivery in November shed 10 paise, or 0.01% at Rs 872.20 per kg in five lots.

 

Market analysts said besides subdued domestic demand, a weak trend in select base metals overseas as the partial government shutdown in the US and standoff over the debt limit weakened the outlook for demand in the world's second-biggest user, mainly weighed on nickel prices at futures trade here.