Nickel moves down on weak global cues

Sluggish demand also pulled prices lower

Nickel prices moved down by Rs 7.80 to Rs 927 per kg in futures trading today largely due to a weakening global trend.

Sluggish demand from alloy-makers in the spot market further fuelled the downtrend in nickel.

At the MCX, nickel for delivery in June declined by Rs 7.80, or 0.83%, to Rs 927 per kg, with a business turnover of 7,016 lots.

The July contract lost Rs 7, or 0.74%, to Rs 935.60 per kg, with an open interest of 1,189 lots.

Market analysts said besides a weakening global trend, fall in demand from alloy-makers in the spot market mainly led to a decline in nickel prices at futures market.

Meanwhile, nickel declined 0.9% to $16,306 a tonne on the London Metal Exchange.