Nickel down 0.5%

Analysts say apart from a weakening trend at the LME, sluggish demand from domestic alloy-makers also led to the decline in nickel futures prices

Nickel prices fell by Rs 4.80, or 0.50% to Rs 961.80 per kg in futures trade today in line with weak trend overseas and subdued demand from domestic alloy-makers.

At the Multi Commodity Exchange, the May contract fell by Rs 4.80, or 0.50%, to Rs 961.80 per kg, with a business turnover of 305 lots.

The April contract declined by Rs 4.70, or 0.48%, to Rs 952.40 per kg, with a business volume of 3,672 lots.

Globally, nickel lost 0.9% to $18,524 per tonne at the London Metal Exchange (LME).

Market analysts said apart from a weakening trend at the LME, sluggish demand from domestic alloy-makers also led to the decline in nickel futures prices.