Nickel down by 0.5% on global trends

Weak demand from alloy-makers also affected prices

Nickel futures today traded lower by 0.53% to Rs 968.80 per kg largely in tune with a weakening trend overseas amidst subdued spot demand.

At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 5.20, or 0.53%, to Rs 968.80 per kg in business turnover of 269 lots.

Similarly, the metal for delivery December month traded lower by Rs 4.70, or 0.48%, to Rs 975.90 per kg in 9 lots.

Globally, nickel for delivery in three months was down 0.80% at $15,676 per tonne at the London Metal Exchange. Prices rose 1.4% to to $15,795 a tonne yesterday.
 
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas amid data showing property prices declined a second month in China, the largest metals consumer, and after weaker industrial production data in the US, mainly weighed on nickel prices in futures trade here.