Nickel futures down on spot demand, global cues

Nickel prices moved down by Rs 9.20 to Rs 960.80 per kg in futures trade today on sluggish demand from alloy-maker in the spot market amid a weak global trend.

At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 9.20, or 0.95 per cent, to Rs 960.80 per kg in business turnover of 17,964 lots.

Similarly, the metal for delivery in March moved down by Rs 8.90, or 0.91 per cent, to Rs 966.80 per kg in 1,821 lots.

Market analysts said besides subdued demand from alloy- makers in the spot market, weak trend in base metal in overseas markets also put pressure on nickel futures.

Meanwhile, nickel for delivery in three months declined 0.8 per cent to USD 17,720 a tonne, the lowest since January 29 on the London Metal Exchange. 

Make smarter market moves with The Smart Investor. Daily insights on buzzing stocks and actionable information to guide your investment decisions delivered to your inbox.

Subscribe