Nickel futures melt 0.62% as global cues, muted demand weighs

Taking weak cues from global market and subdued demand at the domestic spot market, nickel prices fell 0.62 per cent to Rs 626.80 per kg in futures trade today as traders cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in current month was trading lower by Rs 3.90, or 0.62 per cent, to Rs 626.80 per kg, in a business turnover of 1,872 lots.
The metal for delivery in June also lost Rs 3.70, or 0.58 per cent, to Rs 633.30 per kg, in a turnover of 27 lots.
Analysts said the fall is mostly in step with a weakening trend in the base metals pack at the London Metal Exchange (LME) and muted demand from alloy-makers at the domestic spot markets.