Nickel down 0.8% on global cues
Speculators offloaded positions amid a weak trend in global markets
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Nickel prices fell 0.80% to Rs 908.70 per kg in futures trade today as speculators offloaded positions amid a weak trend in global markets.
Further, subdued demand from alloy-makers at spot markets weighed on nickel futures.
At the Multi Commodity Exchange, nickel for delivery in January declined by Rs 7.30, or 0.80%, to Rs 908.70 per kg in a business turnover of 858 lots.
Similarly, the metal for delivery in February traded lower by Rs 6.60, or 0.72%, to Rs 916.40 per kg in 112 lots.
Analysts said offloading of positions by speculators, triggered by a weak trend in global markets after oil fell to the lowest in almost six years, pulled down nickel prices at futures trade.
Further, subdued demand from alloy-makers at spot markets weighed on nickel futures.
At the Multi Commodity Exchange, nickel for delivery in January declined by Rs 7.30, or 0.80%, to Rs 908.70 per kg in a business turnover of 858 lots.
Similarly, the metal for delivery in February traded lower by Rs 6.60, or 0.72%, to Rs 916.40 per kg in 112 lots.
Analysts said offloading of positions by speculators, triggered by a weak trend in global markets after oil fell to the lowest in almost six years, pulled down nickel prices at futures trade.
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First Published: Jan 29 2015 | 11:40 AM IST