Nickel down 0.74% on global cues

Sluggish demand influences prices

Nickel futures prices fell by 0.74% to Rs 953 per kg today, tracking a weak trend in base metals in the global markets and slackened domestic demand.

At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 7.10, or 0.74%, to Rs 953 per kg, with a business turnover of 2,996 lots.

October nickel declined by Rs 6, or 0.62%, to Rs 961.10 per kg, with a business turnover of 529 lots.

At the London Metal Exchange (LME), nickel traded $210, or 1.16%, lower at $17,965 per tonne.

Marketmen said apart from sluggish demand from alloy makers, weakness in base metals at the LME on a firmer dollar and concerns over Europe's debt crisis put pressure on nickel futures here.