Nickel drop 0.7% on sluggish demand, global cues
Nickel for delivery in July contracts shed by 0.74%
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Nickel prices dropped 0.76% to Rs 828 per kg in futures trade today as speculators reduced their holdings on sluggish demand from alloy makers in the spot market and a weak trend overseas.
At the Multi Commodity Exchange, nickel for delivery in June dropped by Rs 6.30, or 0.76%, to Rs 828 per kg in a business turnover of 13,709 lots.
Similarly, nickel for delivery in July contracts shed Rs 6.20, or 0.74%, to Rs 834.10 per kg in a turnover of 290 lots.
In the international market, nickel lost 1.9% to $13,938 per tonne.
Market analysts said besides, weak demand from alloy- makers in the spot market, a weak global trend after Federal Reserve Chairman Ben Bernanke said bond purchases may be reduced, and slowdown in China's manufacturing sector, mainly weighed on nickel futures here.
At the Multi Commodity Exchange, nickel for delivery in June dropped by Rs 6.30, or 0.76%, to Rs 828 per kg in a business turnover of 13,709 lots.
Similarly, nickel for delivery in July contracts shed Rs 6.20, or 0.74%, to Rs 834.10 per kg in a turnover of 290 lots.
In the international market, nickel lost 1.9% to $13,938 per tonne.
Market analysts said besides, weak demand from alloy- makers in the spot market, a weak global trend after Federal Reserve Chairman Ben Bernanke said bond purchases may be reduced, and slowdown in China's manufacturing sector, mainly weighed on nickel futures here.
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First Published: Jun 20 2013 | 12:18 PM IST