Nickel declines on weak overseas trend

Sluggish spot demand also kept nickel prices lower

Nickel prices fell by Rs 5.40 to Rs 935.80 per kg in futures trade today as speculators indulged in trimming their positions amid a weakening trend overseas.

Also, sluggish demand at the spot markets from alloy-makers put pressure on the nickel futures here today.

At the MCX, nickel for delivery in May fell by Rs 5.40, or 0.57%, to Rs 935.80 per kg, with a business turnover of 74 lots.

The April contract shed Rs 4.60, or 0.49%, to Rs 925.90 per kg, with an open interest of 603 lots.

Globally, nickel lost 0.3% to $17,750 per tonne on the London Metal Exchange (LME) in early trade today.

Analysts said that metal futures on the MCX were down tracking weak trend in copper and other base metals on the LME, along with sluggish demand in the spot market from alloy-makers.