 "Nickel down 0.7% on sluggish demand, global cues")
Nickel prices moved down by 0.78% to Rs 970.60 per kg in futures trade today on sluggish demand from alloy-makers in the spot market amid a weak global trend.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 7.60, or 0.78% to Rs 970.60 per kg in a turnover of 1,066 lots.
Similarly, the metal for delivery in April traded lower by Rs 7.60, or 0.77%, to Rs 976.70 per kg in 126 lots.
Traders attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in the global market after a gauge showing that Chinese factory production missed estimates in March, damping demand prospects in the world's biggest user of metals.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 7.60, or 0.78% to Rs 970.60 per kg in a turnover of 1,066 lots.
Similarly, the metal for delivery in April traded lower by Rs 7.60, or 0.77%, to Rs 976.70 per kg in 126 lots.
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Globally, nickel slid 0.6% to $16,000 a tonne at the London Metal Exchange.
Traders attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in the global market after a gauge showing that Chinese factory production missed estimates in March, damping demand prospects in the world's biggest user of metals.