Nickel futures decline on sluggish demand

Nickel prices declined by Rs 3.80 to Rs 1,069.60 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market.   

At the Multi Commodity Exchange, nickel for September delivery declined by Rs 3.80, or 0.35%, to Rs 1,069.60 per kg, with a business turnover of 265 lots.

Similarly, the metal for August delivery shed Rs 3.20, or 0.30%, to Rs 1,062.80 per kg, with an open interest of 5,316 lots. Traders said the decline in nickel futures was mainly due to sluggish demand from alloy-makers in the spot market.