Nickel down by 0.3% on overseas cues

Nickel prices moved down by 0.31% to Rs 875 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.

 

Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.

 

At the Multi Commodity Exchange, nickel for delivery in December declined by Rs 2.70, or 0.31%, to Rs 875 per kg in business turnover of 7 lots.

 

The metal for delivery in November shed Rs 1.50, or 0.29%, to Rs 865.80 per kg in 171 lots.

 

Market analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals at the London Metal Exchange as spending growth on China's power plants and electricity grid slowed alongwith a sluggish demand from alloy-makers at domestic markets.