Nickel weakens on global cues

Nickel prices fell by Rs 3 per kg at the local non-ferrous metals market today following increased selling by stockists amid a weak global trend.
Traders said sentiments in nickel turned bearish as it extended longest run of losses since January after Indonesia resumed some exports of metal ore concentrates and as stockpiles tracked by the London Metal Exchange surged to a record.
Meanwhile, nickel for delivery in three months fell 0.6 per cent to USD 18,542 per tonne on the London Metal Exchange.
In the national capital, nickel (4x4) fell by Rs 3 to Rs 1,085-1,091 per kg.
Following are today's metal rates (in Rs per kg):

Zinc ingot 111-117, Nickel plate (4x4) 1,085-1,091, Gun metal scrap 227, Bell metal scrap 229, Copper mixed scrap 432, Chadri deshi 285.
Lead ingot 111, Lead imported 109, Aluminium ingots 155, Aluminium sheet cutting 156, Aluminium wire scrap 158 and Aluminium utensils scrap 155.