Nickel futures down on subdued demand; expiry

Nickel futures traded 0.19 per cent down at Rs 865 per kg today as speculators reduced their exposure ahead of monthly expiry amid a weakening trend in the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in current month shed Rs 1.20, or 0.19 per cent, to Rs 645 per kg, in a business turnover of 865 lots.
On similar lines, metal for delivery in April dropped by a Re, or 0.15 per cent, to trade at Rs 651.60 per kg in 431 lots.
Market analysts said the fall in nickel prices at futures trade was mostly in line with a weak trend at the spot markets following fall in demand from alloy-makers amid squaring up of positions ahead of monthly expiry.