Nickel declines by 0.1% on subdued demand

Nickel prices softened by 0.14% to Rs 692.90 per kg in futures market today as speculators trimmed positions amidst low demand from alloy makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery this month traded lower by Re 1, or 0.14%, to Rs 692.90 per kg in a turnover of 793 lots.

The metal for delivery in September weakened by 70 paise, or 0.10%, to Rs 700.70 per kg in 58 lots.

Analysts said subdued demand from alloy makers in the domestic spot market mainly weighed on nickel futures here.