Nickel down 0.2% on global cues

Metal for delivery in August traded lower by 0.22%

Nickel prices moved down by 0.22% to Rs 1,152.90 per kg in futures trade today as participants reduced their exposures, tracking a weak trend overseas and sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in July month declined by Rs 2.50, or 0.22%, to Rs 1,152.90 per kg in a turnover of 538 lots.

Similarly, the metal for delivery in August traded lower by Rs 2.90 or 0.22%, to Rs 1,159.20 per kg in 32 lots.

Analysts attributed the fall in nickel prices at futures trade to a weak trend in metal at the London Metal Exchange (LME) and low demand from alloy-makers at domestic spot markets also influenced prices.