Nickel futures down 0.66 pc on weak demand, global cues

NEW DELHI: Nickel prices moved down by 0.66 per cent to Rs 832 per kg in futures trade today as speculators reduced their position, driven by weak demand from alloy-makers in the spot market.


Besides, a lower global trend on weak demand from alloy- makers further dampened the sentiment.

At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 5.50, or 0.66 per cent, to Rs 832 per kg in business turnover of 1,034 lots.

Similarly, the metal for delivery in August shed Rs 5, or 0.59 per cent, to Rs 840 per kg in 108 lots.

Market analysts said speculators reduced their positions on weak demand from alloy-makers in the spot market and a lower global trend mainly led to fall in nickel prices.

Meanwhile, nickel slid 0.7 per cent to USD 14,025 a tonne on the London Metal Exchange.