Nickel futures decline on global cues, sluggish demand

Eurozone worries continue to weigh on the metal

Amid weak trend overseas and subdued demand at spot markets from alloy-makers, nickel prices declined by 1.17% to Rs 935.80 per kg in futures trade.

At the MCX, nickel for delivery in May declined by Rs 11.10, or 1.17%, to Rs 935.80 per kg in business turnover of 6,693 lots.

The June contractshed Rs 10.90, or 1.14%, to Rs 947 per kg in 595 lots.

Market analysts said besides weakness in metal at the London Metal Exchange, sluggish demand from alloy-makers in the spot market also put pressure on nickel prices at futures market.

Meanwhile, nickel fell 0.20% to $17,545 per tonne at the LME in early trade today.