ET:Nickel futures down 0.35 pc on weak global cues
NEW DELHI: Taking weak cues from the global markets on economic concerns, nickel prices moved down by Rs 3.40, or 0.35 per cent, to Rs 961.50 per kg in futures market today as speculators reduced their positions.
At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 3.40, or 0.35 per cent, to Rs 961.50 per kg, with a business turnover of 1,727 lots.
Likewise, the metal for delivery in October lost Rs 3, or 0.31 per cent, to Rs 969 per kg, with a business turnover of 563 lots.
Marketmen said apart from a weak global trend on worries that stimulus measures from central banks would fail to revive economies and fresh concerns over the European debt crisis, led to a fall in nickel futures prices.
Besides, sluggish demand from alloy-makers in the spot market also weighed down on metal prices, they said.
