Nickel futures down 0.65% on weak spot cues

Nickel prices declined by 0.65 per cent to Rs 878 per kg in futures market today as speculators trimmed positions, taking negative cues from the spot market on muted demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in April fell by Rs 5.70, or 0.65 per cent, to Rs 878 per kg in business turnover of 41 lots.
Similarly, the metal for delivery in March contracts was trading lower Rs 5.40, or 0.61 per cent to Rs 874.50 per kg in 2,006 lots.
Market analysts said cutting down of positions by traders due to tepid demand from alloy-makers in the physical market attributed the slide in nickel prices at futures trade.