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Nickel down 0.8% on sluggish demand, global cues

Nickel for delivery in October traded lower by 0.72%

Press Trust of India New Delhi
Nickel prices moved down by 0.84% to Rs 870.60 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market amid a weak global trend.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 7.40, or 0.84% to Rs 870.60 per kg in a turnover of 232 lots.

Similarly, the metal for delivery in October traded lower by Rs 6.40, or 0.72% to Rs 881.40 per kg in 126 lots.

Analysts attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in copper and other base metals at the London Metal Exchange as a budget impasse in the United States threatens to shut down parts of the economy.

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First Published: Sep 30 2013 | 12:23 PM IST

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