Nickel down on sluggish demand

Global cues also pulled the metal prices lower

Nickel prices fell by Rs 24.50 to Rs 872.40 per kg in futures trade today, as speculators offloaded their positions after a fall in demand from alloy-makers in the spot market.

At the MCX, nickel for delivery in June fell by Rs 24.50, or 2.73% to Rs 872.40 per kg in business turnover of 11,374 lots.

The July contract lost Rs 24.50, or 2.70%, to Rs 882.20 per kg in 1,219 lots.

Market analysts said speculators offloaded their positions, tracking a weak trend at spot market on sluggish demand from alloy-makers mainly put pressure on nickel prices at futures trade.