Nickel down 0.9% on sluggish demand

Metal for delivery in November traded lower by 0.8%

Nickel prices slide by 0.90% to Rs 879.30 per kg in futures market today as speculators reduced their positions on the back of sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in December slide by Rs 8, or 0.90%, to Rs 879.30 per kg in business turnover of 263 lots.

Likewise, the metal for delivery in November traded lower by Rs 7.80, or 0.89%, to Rs 870 per kg in 3,840 lots.

Analysts said speculators reduced their positions on sluggish demand from alloy-makers in the spot market mainly influenced nickel prices in futures trade.