Nickel slides 0.32% on weak overseas cues, low demand

Amid weak global cues and muted domestic demand, nickel prices declined by 0.32 per cent to Rs 894 per kg in futures market.

At the Multi Commodity Exchange, nickel for delivery in October fell by Rs 2.90, or 0.32 per cent to Rs 894 per kg in business turnover of 125 lots.

Likewise, the metal for delivery in September shed Rs 2.40, or 0.27 per cent to Rs 889.50 per kg in 4160 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas as US-China trade tensions continue to weigh on metals prices.

Besides, slackened demand from alloy-makers in the spot market too fulled the downtrend.

Globally, Shanghai nickel fell 1.7 per cent, after hitting its lowest since April 24 overnight.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)