Nickel futures down 1.04% on global cues, low demand
New Delhi: Nickel prices fell by 1.04 per cent to Rs 876.70 per kg in futures trade today as speculators indulged in offloading positions after the metal declined in global markets.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in March contracts declined by Rs 9.20, or 1.04 per cent, to Rs 876.70 per kg in a business turnover of 1,021 lots.
The metal for delivery in April shed Rs 9.10, or 1.02 per cent, to Rs 884.30 per kg in 60 lots.
Analysts said the fall in nickel prices at futures trade was largely in tune with a weakening trend in the global markets where most industrial metals retreated as data showed manufacturing slowed in China, the world’s biggest consumer.
In addition, slackened demand from alloy-makers in the domestic spot markets too put pressure on the prices, they said.
Globally, nickel lost 0.8 per cent on the London Metal Exchange to USD 14,185 per tonne for three-month futures contract.