Nickel futures down on sluggish demand

NEW DELHI: Nickel futures prices slipped further by Rs 3.60 to Rs 1,079.60 per kg today as speculators reduced their positions, due to weak demand from alloy makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 3.60, or 0.33 per cent, to Rs 1,079.60 per kg, with a business turnover of 4,535 lots.

Similarly, the metal for delivery in August lost Rs 3.40, or 0.31 per cent, to Rs 1,084.70 per kg, with a trade volume of 3,341 lots.

Market analysts said weak trend at spot market on sluggish demand from alloy-makers mainly led to decline in the nickel futures prices.