Nickel futures fall over 2% on weak overseas cues, low demand

Nickel prices drifted lower by 2.24 per cent to Rs 676.80 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 September declined by Rs 15.50, or 2.24 per cent to Rs 676.80 per kg in business turnover of 2,341 lots.
Likewise, the metal for delivery in far-month October contracts traded lower by Rs 15.20, or 2.18 per cent to Rs 682.60 per kg in 154 lots.
Analysts said apart from a weak trend overseas, sluggish demand from alloy makers in the domestic spot market, mainly weighed on nickel futures.

Globally, nickel for delivery in three-month dropped 2.2 per cent on the London Metal Exchange, dropping for the first time in eight days.