Nickel futures fall on weak global cues, muted demand

Nickel prices dropped 0.59 per cent to Rs 677.20 per kg in futures trade today as traders cut down their bets, taking weak cues from global market and low demand at the domestic spot market.
At Multi Commodity Exchange, nickel for delivery in current month was trading Rs 4 or 0.59 per cent down at Rs 677.20 per kg in a business turnover of 741 lots.
The metal for delivery in November also shed Rs 3.50 or 0.51 per cent to Rs 682.90 per kg in a turnover of 201 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME)and easing demand from alloy-makers at the domestic spot market.