Nickel down by 0.6% on weak demand
Speculators reduced their positions, driven by weak demand from alloy-makers in the spot market
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Nickel prices moved down by 0.59% to Rs 872.20 per kg in futures trade today as speculators reduced their positions, driven by weak demand from alloy-makers in the spot market.
Besides, a lower global trend further dampened the sentiment.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 5.20, or 0.59%, to Rs 872.20 per kg in a business turnover of 765 lots.
Similarly, the metal for delivery in April shed Rs 5.10, or 0.58%, to Rs 880 per kg in 30 lots.
Market analysts said speculators reduced their positions on weak demand from alloy-makers in the domestic spot market and a subdued trend in base metals overseas as investors weigh the strength of economic growth in US, put pressure on nickel prices at futures trade here.
Besides, a lower global trend further dampened the sentiment.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 5.20, or 0.59%, to Rs 872.20 per kg in a business turnover of 765 lots.
Similarly, the metal for delivery in April shed Rs 5.10, or 0.58%, to Rs 880 per kg in 30 lots.
Market analysts said speculators reduced their positions on weak demand from alloy-makers in the domestic spot market and a subdued trend in base metals overseas as investors weigh the strength of economic growth in US, put pressure on nickel prices at futures trade here.
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First Published: Mar 17 2015 | 11:28 AM IST