Nickel down 0.8% on weak global cues

Sluggish domestic demand influences prices

Amid a weakening global trend and sluggish domestic demand, nickel prices moved down by Rs 7.70 to Rs 967.80 per kg in futures market today as speculators reduced their positions.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 7.70, or 0.79%, to Rs 967.80 per kg, with a business turnover of 23,375 lots.

October nickel lost Rs 7.40, or 0.75%, to Rs 974.80 per kg, with a business turnover of 2,118 lots.

Marketmen said apart from a weak global trend, sluggish demand from alloy-makers in the spot market put pressure on nickel prices at futures trade.

 

Meanwhile, nickel dropped 1.2% to $18,006 a tonne on the London Metal Exchange.