Nickel down 0.3% on sluggish demand

Slackened demand from alloy-makers influences prices

Nickel prices fell by Rs 2.60 to Rs 871.60 per kg in futures trading today on reduced offtake by speculators, following slackened demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 2.60, or 0.30%, to Rs 871.60 per kg, with a business turnover of 1,401 lots.

August nickel traded lower by Rs 2.20, or 0.25%, to Rs 860.70 per kg in 11,208 lots.

Analysts said sluggish demand from alloy-makers in the spot market kept pressure on nickel futures.