Nickel futures down, tracking weak global markets

NEW DELHI: Amid weakening trend at the London Metal Exchange and sluggish spot demand, nickel futures prices fell by 0.74 per cent to Rs 909.40 per kg today.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 6.80, or 0.74 per cent, to Rs 909.40 per kg, with a business turnover of 2,227 lots.

Likewise, the metal for delivery in July declined by Rs 6, or 0.65 per cent, to Rs 917.90 per kg in 186 lots.

Market analysts said apart from sluggish demand from alloy-makers in the spot market, weakness in the entire base metals pack at the London Metal Exchange (LME) also put pressure on the nickel prices at futures trade.

Globally, nickel fell 1.5 per cent to USD 16,350 a tonne at the LME.