ET:Nickel moves down on overseas trend, subdued demand
NEW DELHI: Tracking a weak trend in base metals overseas and subdued spot demand, nickel prices declined by 0.61 per cent to Rs 898.40 per kg in futures trading today.
At the Multi Commodity Exchange, nickel for delivery in August fell by Rs 5.50, or 0.61 per cent, to Rs 898.40 per kg, with a business turnover of 7,497 lots.
The metal for delivery in September also traded Rs 5.40, or 0.59 per cent, lower at Rs 908.80 per kg, with a turnover of 7,813 lots.
Marketmen said besides subdued demand from alloy-makers at spot markets, weakness in copper and other base metals at the London Metal Exchange on concern that Chinese demand is slowing, put pressure on the nickel futures prices here.
