Nickel down 0.68% on global trends, subdued spot demand

NEW DELHI, Nov 5: Nickel futures today traded lower by 0.68 per cent to Rs 931.20 per kg largely in tune with a weakening trend overseas amid subdued spot demand.

At the Multi Commodity Exchange, nickel for delivery in November weakened by Rs 6.20, or 0.68 per cent, to Rs 931.20 per kg in business turnover of 743 lots.

Similarly, the metal for delivery December month traded lower by Rs 6.10, or 0.65 per cent, to Rs 937.80 per kg in 44 lots.

Globally, nickel moved down 0.60 per cent to USD 15,184 per tonne at the London Metal Exchange (LME).

Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas after the European Commission cut growth forecasts for the euro area, dampening the demand outlook for industrial metals, mainly weighed on nickel prices in futures trade here. (PTI)

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