Muted demand drags down nickel futures by 0.68%

Nickel prices eased by 0.68 per cent to Rs 717.20 per kg in futures market today as traders cut down their bets, driven by subdued demand from consuming industries in the spot market.
At the Multi Commodity Exchange, nickel for delivery in September drifted lower by Rs 4.90 or 0.68 per cent to Rs 717.20 per kg in business turnover of 16 lots.
On similar lines, the metal for delivery in August contracts shed Rs 4.30 or 0.60 per cent to Rs 711.70 per kg in 927 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to tepid demand from alloy-makers at the domestic spot market.