Nickel declines by 0.5% on subdued demand
Speculators trimmed positions amidst low demand from alloy makers in the spot market
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Nickel prices softened by 0.48% to Rs 916.70 per kg in futures market today as speculators trimmed positions amidst low demand from alloy makers in the spot market.
Further, weakness in industrial metals at the London Metal Exchange (LME) weighed on prices.
At the Multi Commodity Exchange, nickel for delivery in January traded lower by Rs 3.40, or 0.48%, to Rs 916.70 per kg in a turnover of 839 lots.
The metal for delivery in February weakened by Rs 2.80, or 0.30%, to Rs 923.40 per kg in 451 lots.
Analysts said apart from subdued demand from alloy makers in the domestic spot market, weakness in metal at the LME ahead of this weekend's release of manufacturing data from China, the biggest metals consumer, weighed on nickel futures here.
Further, weakness in industrial metals at the London Metal Exchange (LME) weighed on prices.
At the Multi Commodity Exchange, nickel for delivery in January traded lower by Rs 3.40, or 0.48%, to Rs 916.70 per kg in a turnover of 839 lots.
The metal for delivery in February weakened by Rs 2.80, or 0.30%, to Rs 923.40 per kg in 451 lots.
Analysts said apart from subdued demand from alloy makers in the domestic spot market, weakness in metal at the LME ahead of this weekend's release of manufacturing data from China, the biggest metals consumer, weighed on nickel futures here.
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First Published: Jan 30 2015 | 11:40 AM IST