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Nickel prices moved down by 0.98% to Rs 941.50 per kg in futures trade today on sluggish demand from alloy-makers in the spot market amid a weak global trend.
At the Multi Commodity Exchange, nickel for delivery in August month declined by Rs 9.30, or 0.98% to Rs 941.50 per kg in a turnover of 434 lots.
Similarly, the metal for delivery in September traded lower by Rs 8.80, or 0.92% to Rs 949 per kg in 180 lots.
Traders attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in the global market after a report showing stronger-than-expected US economic growth bolstered speculation that the Federal Reserve will start to slow stimulus next month.
Meanwhile, nickel decreased 0.7% to $14,075 a tonne on the London Metal Exchange.
