Nickel futures marginally down on weak global cues

Tracking a weak trend overseas, nickel prices fell marginally by 0.09 per cent to Rs 702.50 per kg in futures market today as participants cut down their bets.
Furthermore, tepid demand from consuming industries particularly alloy-makers at the domestic spot markets, weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in September was down by 60 paise, or 0.09 per cent, to Rs 702.50 per kg, in a business turnover of 1,625 lots.
In a similar fashion, the metal for delivery in October eased by 50 paise, or 0.078 per cent, to Rs 708.10 per kg in 240 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas where base metals retreated in London amid low demand from alloy-makers at the domestic spot markets.