Nickel futures down on weak global cues subdued spot demand

Nickel prices fell by 0.86% to Rs 993.80 per kg in futures trade today after participants off-loaded their positions in tandem with a weak trend at the London Metal Exchange.

Also, weak trend at the domestic spot markets on sluggish demand kept pressure on the prices.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 8.60, or 0.86%, to Rs 993.80 per kg, with a business turnover of 2,484 lots.

Likewise, the metal for delivery in July dropped by a similar margin to trade at Rs 1,002.40 per kg, with a turnover of 384 lots. 

Market analysts said a weakening trend at the LME, on demand concerns after the Federal Reserve lowered its growth forecast for the US, and slackened demand from domestic alloy markets led to the decline in nickel futures prices.

 

Meanwhile, nickel lost 1.1% to $21,900 a tonne at the LME.