Nickel softens on subdued demand

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Nickel softens on subdued demand
Press Trust of India / New Delhi Feb 06, 2012, 12:34

Comments

Nickel futures traded lower by Rs 3.30 to Rs 1,038.50 per kg today owing to slackened demand from alloy-makers in spot markets amid weakening global trend.

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At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 3.30, or 0.32% to Rs 1,038.50 per kg in business turnover of 2,198 lots.

The March contract shed Rs 3.30, or 0.31% to Rs 1,044.40 per kg in 129 lots.

Analysts said apart from subdued domestic demand and weakening trend in its prices in overseas market mainly kept pressure on the nickel futures prices.

Globally, nickel declined 0.2% to $21,270 a metric tonne on the London Metal Exchange.