Nickel down 0.3% on global trend, subdued spot demand
Metal for delivery in November traded lower by 0.22%
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Nickel futures traded lower by 0.25% to Rs 962.10 per kg today on a weakening trend overseas amidst subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 2.40, or 0.25%, to Rs 962.10 per kg in a business turnover of 292 lots.
Similarly, the metal for delivery in November traded lower by Rs 1.10, or 0.22%, to Rs 968.70 per kg in 163 lots.
Globally, nickel was down 0.4% at $15,710 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend in select base metals overseas, mainly weighed on nickel prices in futures trade here.
At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 2.40, or 0.25%, to Rs 962.10 per kg in a business turnover of 292 lots.
Similarly, the metal for delivery in November traded lower by Rs 1.10, or 0.22%, to Rs 968.70 per kg in 163 lots.
Globally, nickel was down 0.4% at $15,710 per tonne at the London Metal Exchange.
Market analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend in select base metals overseas, mainly weighed on nickel prices in futures trade here.
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First Published: Oct 31 2014 | 11:24 AM IST