Nickel futures fall 0.82% on muted spot demand

Nickel prices drifted lower by 0.82 per cent to Rs 796 per kg in futures trade today as participants cut bets, tracking a weak trend overseas and sluggish demand from consuming industries in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in current month declined Rs 6.60, or 0.82 per cent, to Rs 796 per kg, in a business turnover of 890 lots.
On similar lines, the metal for delivery in February traded lower by Rs 4.80, or 0.59 per cent, to Rs 802.90 per kg in 34 lots.
Market analysts said the fall in nickel prices in futures trade was mostly in tandem with weak trend in most of the industrial metals at the London Metal Exchange (LME) and muted demand from alloy-makers in the domestic spot markets.