Nickel down 0.2% on sluggish demand, global cues

Metal for delivery in December shed 0.25%

Nickel prices dropped 0.26% to Rs 842.60 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid sluggish demand from alloy-makers in the spot market.

 

At the Multi Commodity Exchange, nickel for delivery in November dropped Rs 2.10, or 0.26%, to Rs 842.60 per kg in a business turnover of 502 lots.

 

Similarly, metal for delivery in December shed Rs 2.10, or 0.25%, to Rs 852.40 per kg in 43 lots.

 

Market analysts said speculators reduced positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend on demand concerns which mainly led to decline in nickel prices at futures trade.