Nickel down 0.3% on global trends, subdued spot demand
Nickel for delivery in July traded lower by 0.29%
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Nickel futures today traded lower by 0.39% to Rs 822.30 per kg largely in tune with a weakening trend overseas amid subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in June weakened by Rs 3.20, or 0.39%, to Rs 822.30 per kg in business turnover of 988 lots.
Similarly, nickel for delivery in July traded lower by Rs 2.40, or 0.29%, to Rs 830.80 per kg in 542 lots.
Globally, nickel was little changed at $13,836 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas following signs of slowing in China and uncertainty about the future of stimulus in the US, mainly weighed on nickel prices at futures trade here.
At the Multi Commodity Exchange, nickel for delivery in June weakened by Rs 3.20, or 0.39%, to Rs 822.30 per kg in business turnover of 988 lots.
Similarly, nickel for delivery in July traded lower by Rs 2.40, or 0.29%, to Rs 830.80 per kg in 542 lots.
Globally, nickel was little changed at $13,836 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas following signs of slowing in China and uncertainty about the future of stimulus in the US, mainly weighed on nickel prices at futures trade here.
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First Published: Jun 28 2013 | 12:32 PM IST