Nickel down 0.53%

Firming trend at the LME restricted losses

Amid subdued spot markets demand, nickel futures fell by 0.53% to Rs 938.70 per kg today as speculators trimmed their position.

However, a firming trend in the entire base metals at the London Metal Exchange restricted the losses.

At the MCX, nickel for delivery in June shed Rs 5, or 0.53%, to Rs 938.70 per kg, with a business turnover of 775 lots.

The July contract declined by Rs 4.90, or 0.52%, to Rs 945.60 per kg, with a business turnover of 158 lots.

Market analysts said sluggish demand from alloy-makers in the spot market weighed on nickel futures prices here but strength in the entire base metals pack at the LME limited the losses.

Nickel rose marginally 0.01% to $16,576 a tonne at the LME.