​Nickel futures down on global trends, subdued spot demand

MEW DELHI : Nickel futures traded lower by 0.69 per cent to Rs 964.60 per kg today due to a weakening trend overseas amidst subdued spot demand.

At the Multi Commodity Exchange ( MCX), nickel for delivery in current month weakened by Rs 6.70, or 0.69 per cent, to Rs 964.60 per kg in a business turnover of 466 lots.

Also, the metal for delivery in February traded lower by Rs 5.80, or 0.59 per cent, to Rs 972.20 per kg in 8 lots.

Globally, nickel for delivery in three months was down 0.8 per cent at $15,423 per tonne at the London Metal Exchange.

Marketmen said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas as China's factory-gate prices extended a record run of declines, weighed on nickel prices in futures trade here.