Nickel extends losses on global cues, low demand

Extending losses for the third day, nickel prices fell further by 0.94 per cent to Rs 983.20 per kg in futures trading today on continued offloading of positions by speculators, tracking a weakening global trend.
Besides, sluggish demand from alloy-makers in the spot market further fuelled the downtrend.
At the Multi Commodity Exchange, nickel for delivery in December fell by Rs 9.30, or 0.94 per cent, to Rs 983.20 per kg in business turnover of 21,640 lots.
In a similar fashion, the metal for delivery in January next year eased by Rs 8.90, or 0.89 per cent to Rs 989.80 per kg in 1,127 lots.

Analysts said offloading of positions by speculators in tandem with a weakening global trend and subdued demand at domestic spot markets, mainly put pressure on nickel prices at futures trade.
Meanwhile, nickel for delivery in three months fell 1.2 per cent to USD 15,436 a metric tonne on the London Metal Exchange.