NEW DELHI, June 4: Amid a weak trend in the global markets and subdued domestic demand, nickel traded 0.59 per cent lower at Rs 826.90 per kg in futures trade today as speculators reduced their bets.
At Multi Commodity Exchange, nickel for delivery in June was trading down by Rs 4.90, or 0.59 per cent, at Rs 826.90 per kg in a business turnover of 415 lots.
The metal for delivery in July was also down by Rs 4.30, or 0.51 per cent, to Rs 835 per kg in a turnover of 7 lots.
Analysts said the fall in nickel prices was mostly in line with a weakening trend in metal overseas after the Organization for Economic Cooperation and Development cut its global growth forecast and stocks rose to a record.
Nickel inventory on the London Metal Exchange (LME) has risen 66 per cent in the past year to 470,118 metric tonnes.
Besides, low domestic demand, particularly from alloy-makers, weighed on the metal prices, they said.
Meanwhile, nickel for delivery in three months at LME fell 1.4 per cent to USD 12,825 per tonne. (PTI)
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