Nickel falls on sluggish demand

July contract down 0.3%

Nickel futures prices today moved down by Rs 2.60 to Rs 879.60 per kg after speculators offloaded their positions on the back of sluggish domestic demand.

At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 2.60, or 0.29%, to Rs 879.60 per kg in a business turnover of 6,928 lots.

August nickel traded lower by a similar margin to Rs 891.50 per kg in 4,337 lots.

Market analysts said besides subdued domestic demand, a weak trend in base metals overseas put pressure on the nickel futures prices.