Nickel futures fall on sluggish demand

Nickel futures prices fell by 0.48% today, after speculators reduced their positions, triggered by a weak trend at the spot markets owing to slackened demand from alloy-makers.

However, a firming trend in metal at the London Metal Exchange (LME) limited the losses.

At the Multi Commodity Exchange, the delivery in November fell by Rs 4.30, or 0.48%, to Rs 889.60 per kg, with a business turnover of 2,010 lots.

Similarly, the metal for delivery in December lost Rs 4, or 0.44%, to Rs 899.10 per kg, with a trade volume of 690 lots.

Globally, nickel climbed 0.2% to $17,101 per tonne at the LME.

 

Market analysts attributed the fall in nickel futures prices to a weakening trend in the domestic spot markets due to subdued demand from alloy-makers but gains at the LME, restricted the fall in prices.