Nickel futures down 0.63% on global cues, weak domestic demand

NEW DELHI: Nickel prices fell by 0.63 per cent to Rs 940.50 per kg in futures trade today as speculators indulged in offloading positions after the metal declined in global markets.

Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.

At the Multi Commodity Exchange ( MCX), nickel for delivery in February declined by Rs 6, or 0.63 per cent, to Rs 940.50 per kg in a business turnover of 18 lots.

The metal for delivery in January shed Rs 5.80, or 0.62 per cent, to Rs 933.40 per kg in 831 lots.

Analysts said the fall in nickel prices at futures trade was largely in tune with a weakening trend in the global markets and subdued demand from alloy makers at domestic spot markets.