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Nickel down 0.68% on weak global markets

Press Trust of India/New Delhi 23 Jul 12 | 02:01 PM

Amid a weakening trend at the London Metal Exchange and sluggish domestic demand, nickel futures fell 0.68% to Rs 890.70 per kg today.

At the Multi Commodity Exchange, nickel for delivery in August traded Rs 6.10, or 0.68% lower, at Rs 890.70 per kg, with a business turnover of 371 lots.

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The July contract declined by Rs 5.70, or 0.64%, to Rs 879.70 per kg, with a business turnover of 1,335 lots.

Marketmen said weakness in copper and other base metals at the London Metal Exchange (LME) on fears that demand in China, the biggest user, may drop and resurfacing of concerns over Europe's debt crisis, mainly put pressure on nickel futures.

Further, slackened demand at domestic spot markets from alloy-makers also weighed on metal prices, they said.

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