Nickel down 1.2% on overseas cues, weak spot demand

Nickel prices moved down by 1.27% to Rs 924.60 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.

Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 11.90, or 1.27%, to Rs 924.60 per kg in business turnover of 2,127 lots.

The metal for delivery in April shed Rs 11.40, or 1.21% to Rs 931.10 per kg in 115 lots.

Market analysts the fall in nickel prices was mostly in tandem with a weakening trend in the entire base metals pack at the London Metal Exchange on demand concern on weak Chinese trade data and yuan's depreciation.
 
Fall in demand from alloy-makers in the domestic spot markets too put pressure, they said.