Nickel down by 0.7% on weak demand, global cues

Nickel prices moved down by 0.16% to Rs 856.80 per kg in futures trade today as speculators reduced their position, driven by weak demand from alloy-makers in the spot market.

 

Besides, a lower global trend amid speculation that slowing growth in China, the biggest user, will dampen demand, further gloomed the sentiment.

 

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 1.40, or 0.16%, to Rs 856.80 per kg in business turnover of 51 lots.

 

Similarly, the metal for delivery in August shed Rs 1.20, or 0.14%, to Rs 849.70 per kg in 1,220 lots.

 

 

Market analysts said speculators reduced their positions on weak demand from alloy-makers in the spot market and a lower global trend mainly led to fall in nickel prices.