Nickel sheds 1.2% on global trends, subdued spot demand
Lower offtake from alloy makers weighs on on prices in futures trade
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Nickel futures today traded lower by 1.23 per cent to Rs 1,102 per kg largely in tune with a weakening trend overseas amid subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in June weakened by Rs 13.70, or 1.23 per cent, to Rs 1,102 per kg in business turnover of 684 lots.
July nickel lost Rs 13.50, or 1.20 per cent, to Rs 1,108.50 per kg in 28 lots.
Globally, nickel was down 2.4 per cent at $18,290 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas as the US Federal Reserve continued stimulus cuts and record inventory indicated ample supply, mainly weighed on nickel prices in futures trade here.
At the Multi Commodity Exchange, nickel for delivery in June weakened by Rs 13.70, or 1.23 per cent, to Rs 1,102 per kg in business turnover of 684 lots.
July nickel lost Rs 13.50, or 1.20 per cent, to Rs 1,108.50 per kg in 28 lots.
Globally, nickel was down 2.4 per cent at $18,290 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas as the US Federal Reserve continued stimulus cuts and record inventory indicated ample supply, mainly weighed on nickel prices in futures trade here.
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First Published: Jun 19 2014 | 11:27 AM IST