Nickel futures down 1.39% on weak global cues, low spot demand

Nickel prices moved down by 1.39 per cent to Rs 654.40 per kg in futures market today, tracking a weak trend overseas amid sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in March fell by Rs 9.20, or 1.39 per cent to Rs 654.40 per kg in business turnover of 1,874 lots.

Likewise, the metal for delivery in April contracts was trading lower by Rs 8.90, or 1.33 per cent to Rs 660.50 per kg in 474 lots.

Market analysts said the fall in nickel prices was mostly in line with a weak trend in the base metals in global markets and subdued demand from alloy-makers at the domestic spot markets.
 

Globally, nickel for delivery in three-month fell 1.7 per cent on the London Metal Exchange.