Nickel Futures Weaken On Muted Spot Demand

Nickel fell 0.72 per cent to Rs 832.70 per kg in futures trade Tuesday as speculators cut bets amid muted demand in the domestic spot markets. Besides, a weak trend in base metals pack at the London Metal Exchange (LME) too dampened sentiments.

At the Multi Commodity Exchange, nickel for delivery in January contracts was trading down by Rs 6, or 0.72 per cent, at Rs 832.70 per kg in a business turnover of 1,414 lots.

Analysts said the fall in nickel prices was mostly in line with a subdued trend in metals at the domestic spot markets and weakness in base metals at the London Metal Exchange (LME) after economic growth in top metals consumer China slowed to its weakest in 28 years.

At the LME, three-month nickel traded lower at $11,765 per tonne.

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