Nickel down, tracking weak global markets

The August contract declined by Rs 3, or 0.33%, to Rs 910.20 per kg, with a business turnover of six lots

Amid a weak trend at the London Metal Exchange and sluggish spot demand, nickel futures prices fell by 0.58% to Rs 932.50 per kg today.

At the Multi Commodity Exchange, nickel for delivery in November fell by Rs 5.40, or 0.58%, to Rs 932.50 per kg, with a business turnover of 25 lots.

Marketmen said apart from sluggish demand from alloy makers, weakness in base metals at the London Metal Exchange (LME) on speculation that US policy makers will not embark on a fresh round of stimulus, with the dollar rising before reports may show improved consumer sentiment, put pressure on nickel futures here.