Nickel futures melt 0.38 pc on global cues, muted demand

Nickel prices were trading down by 0.38 per cent to Rs 707.30 per kg in futures trade today after participants cut down their bets amid subdued demand at the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in January was trading lower by Rs 2.70, or 0.38 per cent, to Rs 707.30 per kg in a business turnover of 24,879 lots.
The metal for delivery in February also lost Rs 2.50, or 0.35 per cent, to Rs 713.50 per kg in a turnover of five lots.
Analysts said, the fall in metal at futures trade was mostly due to low demand from alloy-makers.