Nickel down by 0.1% on overseas trend

Nickel prices dropped 0.14% to Rs 852 per kg in futures trade today, largely in line with a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.

 

At the Multi Commodity Exchange, nickel for delivery in September shed Rs 1.20, or 0.14%, to Rs 852 per kg in a business turnover of 21 lots.

 

The metal for delivery in August also fell by Rs 1.10, or 0.13%, to Rs 845 per kg in a turnover of 716 lots.

 

Market analysts said the fall in nickel prices at futures trade was mostly in tune with a weakening trend in the base metals at the London Metal Exchange on concerns that economic growth slows in the world's second-biggest user, China.

 

 

Further, subdued demand from alloy-makers at domestic spot markets also weighed on prices, they said.