Nickel down on sluggish spot demand

Gains on the LME limited losses

Nickel prices fell by Rs 8.20 to Rs 920.20 per kg in futures trading today as speculators reduced their positions on the back of sluggish demand from alloy makers.

However, gains in base metals at the London Metal Exchange restricted the losses.

At the MCX, nickel for delivery in June fell by Rs 8.20, or 0.88%, to Rs 920.20 per kg, with a business turnover of 5,196 lots.

The July contract declined by Rs 8, or 0.85%, to Rs 930.30 per kg in 416 lots.

Market analysts said sluggish demand from alloy-makers in the spot market, mainly put pressure on the nickel prices at futures trade but a firming trend overseas limited the losses.

Globally, nickel gained 0.9% to $16,380 a tonne on the London Metal Exchange.