Nickel futures down 0.19% on subdued demand

Nickel prices softened 0.19 per cent to Rs 587.70 per kg in futures market on the first trading session of 2016 today as speculators reduced exposure amid low demand from alloy makers at the spot market.
However, overnight gains in metal at the London Metal Exchange (LME), capped the losses.
At the Multi Commodity Exchange, nickel for delivery in February was trading lower by Rs 1.10, or 0.19 per cent, to Rs 587.70 per kg in a turnover of five lots.
The metal for delivery in January shed 30 paise, or 0.05 per cent to trade at Rs 581.70 in 326 lots.

Analysts said subdued demand from alloy makers at the domestic spot market mainly weighed on nickel futures but overnight gains in metal at the LME, restricted losses.