Nickel Futures Decline 0.48% on Subdued Demand, Global Cues

Published: 30th January 2015 11:39 AM  |   Last Updated: 30th January 2015 11:39 AM   |  A+A-

By PTI

NEW DELHI: Nickel prices softened by 0.48 per cent to Rs 916.70 per kg in futures market today as speculators trimmed positions amidst low demand from alloy makers in the spot market.

Further, weakness in industrial metals at the London Metal Exchange (LME) weighed on prices.

At the Multi Commodity Exchange, nickel for delivery in January traded lower by Rs 3.40, or 0.48 per cent, to Rs 916.70 per kg in a turnover of 839 lots.

The metal for delivery in February weakened by Rs 2.80, or 0.30 per cent, to Rs 923.40 per kg in 451 lots.

Analysts said apart from subdued demand from alloy makers in the domestic spot market, weakness in metal at the LME ahead of this weekend’s release of manufacturing data from China, the biggest metals consumer, weighed on nickel futures here.

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