Nickel futures down on weak global markets

Dec 04 2012, 14:13 IST
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SummaryNickel futures prices fell by 0.47 per cent to Rs 963 per kg today.

Nickel futures prices fell by 0.47 per cent to Rs 963 per kg today, tracking a weakening trend in base metals in the global markets amid subdued domestic demand.

At the Multi Commodity Exchange, nickel for delivery in January traded Rs 4.50, or 0.47 per cent lower at Rs 963 per kg, with a business turnover of 136 lots. Likewise, the metal for delivery in December declined by Rs 4.30, or 0.45 per cent, to Rs 955.70 per kg, with a business turnover of 2,634 lots.

Market participants said apart from sluggish demand from alloy makers, weakness in base metals at the London Metal Exchange (LME) as US manufacturing unexpectedly shrank in November and a budget standoff intensified, put pressure on nickel futures here.

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