Nickel declines 0.99% on overseas cues, subdued demand

Nickel prices softened 0.99 per cent to Rs 669.60 per kg in futures market today as speculators trimmed positions amid a weak trend overseas and low demand from alloy makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery this month traded lower by Rs 6.70, or 0.99 per cent, to Rs 669.60 per kg, in a turnover of 826 lots.
The metal for delivery in August weakened by Rs 5.70, or 0.84 per cent, to Rs 676.40 per kg in 23 lots.
Analysts said apart of subdued demand from alloy makers in the domestic spot market, weakness in base metals at the London Metal Exchange (LME), mainly weighed on nickel futures.

Globally, nickel for delivery in three months lost 4.3 per cent to USD 9,755 per tonne at the LME. Prices climbed as much as 4.4 percent to USD 10,410 yesterday, the highest intra-day level since October 29 last year.