ET:Nickel futures down on spot demand, global cues
NEW DELHI: Nickel prices moved down by 0.53 per cent to Rs 987.90 per kg in futures trading today as speculators offloaded their positions, tracking a weak trend at spot as well as overseas trend on sluggish demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 5.30, or 0.53 per cent to Rs 987.90 per kg in business turnover of 8975 lots.
Similarly, the metal for delivery in March traded lower by the same margin to Rs 992.70 per kg in 506 lots.
Market analysts said speculators offloaded their positions on the back of sluggish demand in the spot market amid a weak global trend mainly influenced nickel prices at futures trade.
Meanwhile, nickel declined 0.8 per cent to $ 18,573 a tonne on the London Metal Exchange.
