Nickel futures shed 0.33 pc on weak global cues

Tracking a weak trend overseas, nickel prices fell by 0.33 per cent to Rs 577.80 per kg in futures market today as participants cut down 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 June was trading down by Rs 1.90, or 0.33 per cent, to Rs 577.80 per kg in a business turnover of 1,220 lots.
In a similar fashion, the metal for delivery in July eased by Rs 1.60, or 0.27 per cent, to Rs 583.50 per kg in 42 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas amid concerns over weakening manufacturing in May for the first time in almost a year in the world's second-largest economy, China.