The Indian Express reported that nickel futures prices fell by 0.47% to INR 963 per kg, 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 INR 4.50, or 0.47% lower at INR 963 per kg, with a business turnover of 136 lots. Likewise, the metal for delivery in December declined by INR 4.30, or 0.45% to INR 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 as US manufacturing unexpectedly shrank in November and a budget standoff intensified, put pressure on nickel futures here.