Weak global cues drag nickel futures

PTI New Delhi | Updated on June 20, 2011

Amid a weakening global trend and sluggish demand from alloy makers, nickel prices fell by Rs 8 to Rs 978.40 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 8 or 0.81 per cent to Rs 978.40 per kg, with a business turnover of 666 lots.

Similarly, the metal for delivery in June lost Rs 7.80 or 0.80 per cent, to Rs 968.60 per kg with a trade volume of 6,443 lots.

Traders said apart from sluggish demand from alloy makers, a weakening trend in the overseas market further pulled down nickel futures prices.

Meanwhile, nickel fell by 0.6 per cent to $21,500 a tonne on the London Metal Exchange.

Published on June 20, 2011

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