Nickel futures down 0.31 pc on overseas cues, weak spot demand

NEW DELHI, Nov 18:  Nickel prices moved down by 0.31 per cent to Rs 875 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.
Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in December declined by Rs 2.70, or 0.31 per cent, to Rs 875 per kg in business turnover of 7 lots.
The metal for delivery in November shed Rs 1.50, or 0.29 per cent, to Rs 865.80 per kg in 171 lots.
Market analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals at the London Metal Exchange as spending growth on China’s power plants and electricity grid slowed alongwith a sluggish demand from alloy-makers at domestic markets. (PTI)
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