Nickel futures shed 0.30% on muted demand, global cues

Nickel prices fell further by 0.30 per cent to Rs 742.10 per kg in futures market today as traders engaged in trimming their positions, taking negative cues from spot market on tepid demand.
At the Multi Commodity Exchange, nickel for delivery in February month declined by Rs 2.20, or 0.30 per cent, to Rs 742.10 per kg in business turnover of 10,165 lots.
Likewise, the metal for delivery in March contracts shed Rs 2.20, or 0.29 per cent, to Rs 748 per kg in 688 lots.
Analysts said offloading of positions by participants on the back of lower demand from alloy-makers in the spot market and a weak trend overseas ,mainly kept nickel prices down at futures trade.