Nickel futures down on subdued demand

NEW DELHI: Nickel prices moved down by 0.98 per cent in futures trading today amid a weak trend overseas in tandem with subdued domestic demand.

At the Multi Commodity Exchange, nickel for delivery in March moved down by Rs 11.50, or 0.98 per cent, to Rs 1,162.10 per kg, with a business turnover of 1,855 lots.

In a similar fashion, the metal for delivery in April contract shed Rs 11.50, or 0.97 per cent, to Rs 1,170.50 per kg, with a business volume of 135 lots.

Market analysts said besides a weak trend in copper and other base metals at the London Metal Exchange, subdued demand from alloy-makers also kept pressure on nickel futures prices.