ET:Nickel futures down on global trend, subdued demand
NEW DELHI: Nickel futures prices fell by 0.74 per cent to Rs 953 per kg today, tracking a weakening trend in base metals in the global markets and slackened domestic demand.
At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 7.10, or 0.74 per cent, to Rs 953 per kg, with a business turnover of 2,996 lots.
Likewise, the metal for delivery in October declined by Rs 6, or 0.62 per cent, to Rs 961.10 per kg, with a business turnover of 529 lots.
At the London Metal Exchange (LME), nickel traded USD 210, or 1.16 per cent, lower at USD 17,965 per tonne.
Marketmen said apart from sluggish demand from alloy makers, weakness in base metals at the LME on a firmer dollar and concerns on Europe's debt crisis, mainly put pressure on nickel futures here.
