Nickel futures fall 0.56% on weak overseas cues, low demand

Nickel prices drifted lower by 0.56 per cent to Rs 589.90 per kg in futures trading today as speculators trimmed positions amid a weak trend overseas and muted demand from alloy makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 3.30, or 0.56 per cent, to Rs 589.90 per kg, in a business turnover of 1,027 lots.
Likewise, the metal for delivery in August traded lower by Rs 3.30, or 0.55 per cent, to Rs 594.90 per kg in 66 lots.
Analysts said apart from a weak trend overseas sluggish demand from alloy makers in the domestic spot market, mainly weighed on nickel futures.