Nickel prices trade marginally lower on sluggish demand

Nickel prices traded marginally lower by 0.07 per cent to Rs 971.70 per kg in futures market today as speculators offloaded positions on the back of sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange,nickel for delivery in October traded lower by 70 paise,or 0.07 per cent,to Rs 971.70 per kg,with a business turnover of 5,228 lots.

Similarly,the metal for delivery in November weakened by 60 paise,or 0.06 per cent,to Rs 978.20 per kg,with an open interest of 205 lots.

Marketmen said speculators trimmed positions on the back of sluggish demand from alloy-makers in the spot market mainly helped nickel prices to trade lower at futures trade.