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Nickel prices softened by 0.19% to Rs 1,127 per kg in futures market today as speculators indulged in trimming positions on a weak overseas trend amidst low demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, Nickel for delivery in August traded lower by Rs 2.10, or 0.19%, to Rs 1,127 per kg in a business turnover of 30 lots.
On similar lines, the metal for delivery in July weakened by Rs 1.30, or 0.12%, to Rs 1,120.70 per kg in 700 lots.
Analysts said apart from subdued demand from alloy-makers in the domestic spot markets, the metal's continued slide overseas after Indonesia resumed some exports of metal ore concentrates and as stockpiles tracked by the London Metal Exchange (LME) surged to a record, weighed on nickel futures prices.
At the LME, the metal for delivery in three months fell 0.6% to $18,542 a metric tonne. It had lost 3.7% last week, the biggest drop since June 13.
Meanwhile, LME inventory for the metal rose to a record 311,088 tonnes on July 18, according to bourse data.
