Nickel futures down Rs 13.40/kg on overseas cues

Amid a weak trend in global market and subdued domestic demand, nickel prices fell sharply by Rs 13.40 to Rs 750.50 per kg in futures trading today as speculators reduced their bets.
Besides, November expiry weighed on the metal prices.
At the Multi Commodity Exchange, nickel for delivery in November declined by Rs 13.40, or 1.75 per cent to Rs 750.50 per kg in a business turnover of 662 lots.
Likewise, the metal for delivery in December traded lower by Rs 13, or 1.69 per cent to Rs 755.60 per kg in 697 lots.
Analysts said, the fall in nickel prices was mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) on signs that China is taking steps to cool a trading frenzy in commodities.

Meanwhile, the Shanghai Futures Exchange and Dalian Commodity Exchange have raised margins and fees to ease a trading frenzy that's fuelled aggressive price gains this month.
Tepid demand from alloy-makers at the domestic spot markets also weighed on the metal prices, they said.