Nickel moves down on lower global trend

Sell off in markets pulled prices lower today

Tracking a weak global trend, nickel prices declined by Rs 2.80 to Rs 871.20 per kg in futures trading today as
speculators reduced their positions.

At the Multi Commodity Exchange, nickel for delivery in August fell by Rs 2.80, or 0.32%, to Rs 871.20 per kg, with a business
turnover of 7,169 lots.

The September contract traded lower by Rs 2.40, or 0.27%, to Rs 882.40 per kg in 598 lots.

Marketmen said speculators trimmed their positions on the back of weak global trend mainly put pressure on nickel prices at futures trade.

Meanwhile, nickel declined 0.4% to $15,680 a tonne on the London Metal Exchange.