Muted demand drags down nickel futures by 1.02%

Nickel prices moved down by 1.02 per cent to Rs 623.60 per kg in futures trade today as speculators cut down their bets, driven by easing demand from consuming industries at the spot market.
At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 6.40, or 1.02 per cent, to Rs 623.60 per kg, in a business turnover of 2,032 lots.
Likewise, the metal for delivery in April traded lower by Rs 5.90, or 0.95 per cent, to Rs 618 per kg in 14,475 lots.
Analysts said offloading of positions by participants due to tepid demand from alloy-makers in the spot market mainly led to the decline in nickel prices at futures trade.