Nickel futures decline on global cues, sluggish demand

NEW DELHI: Amid weak trend overseas and subdued demand at spot markets from alloy-makers, nickel prices declined by 1.17 per cent to Rs 935.80 per kg in futures trade.

At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 11.10, or 1.17 per cent, to Rs 935.80 per kg in business turnover of 6,693 lots.

Similarly, the metal for delivery in June shed Rs 10.90, or 1.14 per cent, to Rs 947 per kg in 595 lots.

Market analysts said besides weakness in metal at the London Metal Exchange (LME), sluggish demand from alloy-makers in the spot market also put pressure on nickel prices at futures market.

Meanwhile, nickel fell 0.20 per cent to $ 17,545 per tonne at the LME in early trade today.