Nickel futures fall 0.33 pc, hurt by muted spot demand

Amid low demand at the domestic spot market, nickel prices dropped 0.33 per cent to Rs 730.40 per kg in futures trade today as traders cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in current month was trading Rs 2.40, or 0.33 per cent down, at Rs 730.40 per kg, in a business turnover of 307 lots.
The metal for delivery in January also fell by a similar margin to trade at Rs 735.90 per kg in a turnover of 27 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in select base metals at the domestic spot markets due to sluggish demand form alloy-makers.