ET:Nickel futures down 0.48 pc, tracking weak global markets
NEW DELHI: Amid a weakening trend at the London Metal Exchange and sluggish domestic demand, nickel futures shed 0.48 per cent to Rs 888 per kg today.
At the Multi Commodity Exchange, nickel for delivery in July traded Rs 4.30, or 0.48 per cent, lower at Rs 888 per kg, with a business turnover of 2,555 lots.
Likewise, the metal for delivery in August declined by Rs 3.90, or 0.43 per cent, to Rs 899.20 per kg, with a business turnover of 731 lots.
Marketmen said weakness in copper and other base metals at the London Metal Exchange (LME) on concern that Europe's debt crisis may worsen and as growth in China slowed mainly put pressure on nickel futures prices here.
Further, slackened demand at domestic spot markets from alloy-makers also weighed on metal prices, they said.
Globally, nickel fell 0.38 per cent to USD 15,840 per tonne at the LME.
