Nickel down marginally on global trend

June, July contracts down 0.17% and 0.16%, respectively

Nickel futures fell by 0.17% to Rs 951.10 per kg today, amid a weakening trend at the London Metal Exchange and sluggish domestic demand.

At the Multi Commodity Exchange, nickel for delivery in June shed Rs 1.60, or 0.17%, to Rs 951.10 per kg, with a business turnover of 673 lots.

July nickel declined by Rs 1.50, or 0.16%, to Rs 957.40 per kg in 97 lots.

Market analysts said apart from sluggish demand from alloy-makers in the spot market, weakness in the entire base metals pack at the London Metal Exchange (LME) also put pressure on the nickel prices at futures trade.

 

Globally, nickel fell 0.5% to $17,000 a tonne at the LME.