Nickel weakens on lower global trend, subdued demand

Eurozone crisis triggered a sell off across markets

Nickel shed 0.05% to Rs 943.50 per kg in futures trade today largely in tandem with a weak trend in overseas markets.

At the MCX, nickel for delivery in June traded lower by 50 paise, or 0.05%, to Rs 943.50 per kg in business turnover of 615 lots.

The May contract edged lower by 20 paise, or 0.02%, to Rs 932.60 per kg in 8,116 lots.

Market experts said apart from weak trend in overseas markets, sluggish demand from alloy-makers in the spot market mainly influenced nickel futures prices.

Meanwhile, nickel fell 0.3% to $17,300 a tonne on the London Metal Exchange.