Nickel futures down Rs 14.40/kg on overseas cues

Nickel futures fell sharply by Rs 14.40 to Rs 734.40 per kg today after a weak trend in global market and subdued domestic demand.
Besides, approaching November expiry weighed on the metal prices.
At the Multi Commodity Exchange, nickel for delivery in December declined by Rs 14.40, or 1.92 per cent to Rs 734.40 per kg in a business turnover of 774 lots.
The metal for delivery in current month traded lower by Rs 14.30, or 1.92 per cent to Rs 730.40 per kg in 2,435 lots.
The fall was in line with a weakening trend in the base metals pack at the London Metal Exchange (LME), analysts said. Nickel fell 3.66 per cent to USD 11,595 per tonne on the London Metal Exchange (LME).

Tepid demand from alloy-makers at domestic spot markets also weighed on metal prices, they said.