Nickel futures marginally down on sluggish demand

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Amid sluggish spot demand and absence of cues from overseas markets, nickel futures prices fell by 0.14 per cent today as speculators reduced their positions. 

At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 1.50, or 0.14 per cent, to Rs 1,037.70 per kg, with a business turnover of 1,365 lots. 

Likewise, the metal for delivery in August moved down by Rs 1.30, or 0.12 per cent, to Rs 1,046.90 per kg, with a trade volume of 88 lots. 

Market analysts said subdued demand from alloy makers at domestic spot markets and absence of positive cues from global markets led to the decline in nickel futures market. 

Meanwhile, nickel traded almost flat at USD 23,249 a tonne on the London Metal Exchange. 

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