Nickel futures down 0.53 pc on sluggish demand

NEW DELHI: Nickel prices moved down by 0.53 per cent to Rs 845.50 per kg in futures trade today as speculators reduced their positions, tracking a weak trend at spot market on sluggish demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 4.50, or 0.53 per cent, to Rs 845.50 per kg in business turnover of 16,349 lots.

Similarly, the metal for delivery in the June contract traded lower by Rs 4.40, or 0.51 per cent, to Rs 852.20 per kg in 1,092 lots.

Analysts said speculators reduced their holdings on the back of sluggish demand from alloy-makers in the spot market mainly influenced nickel prices at futures trade.