The Hindu Business Line : Nickel falls on MCX on global markets closure

NEW DELHI: Prices of nickel, widely used for electroplating and in stainless steel, fell marginally in the domestic futures market on absence of any trigger from the US and European metal markets.

At 1300 hrs, near-month May contract was down by 0.72 per cent at Rs 1,030.50 per kg, while June contract was down by 0.62 per cent at Rs 1,042 per kg.

"Nickel prices which recovered on Friday, fell today slightly mainly due to closure of London Metal Exchange and COMEX," Ms Bhavana Bharati, Analyst, Religare Commodities said.

"Sluggish demand amid surplus production and higher inventory in the global market pulled down prices of nickel sharply in the last one week," Mr Harish G, Analyst, Karvy Comtrade said.

He said that nickel futures prices slipped in a big way last week touching the lower level of Rs 956 per kg. However, they recovered on Friday due to short covering. Prices are ruling above Rs 1,030 level per kg and once global markets open, may witness sharp rally", he added.

"Most of base metals, including nickel are moving in narrow range as traders are keeping their positions at a low ebb due to closure of the London Metal Exchange", said a metal merchant.

Meanwhile, spot prices of the metal in Mumbai market were ruling at Rs 1,000.50 per kg. - PTI

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