Nickel futures shed 1.14% on weak global cues

Tracking a weak trend overseas, nickel prices fell by 1.14 per cent to Rs 686.90 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 current month was down by Rs 7.90 or 1.14 per cent to Rs 686.90 per kg in a business turnover of 2,265 lots.
In a similar fashion, the metal for delivery in October month eased by Rs 7.70 or 1.10 per cent to Rs 692.60 per kg in 356 lots.

Globally, nickel for delivery in three months fell 1.2 per cent to settle at USD 10,530 per tonne on the London Metal Exchange yesterday.
Analysts attributed the fall in nickel futures to a weak trend overseas where base metals retreated in London as Citigroup Inc forecast fourth-quarter price declines and said the impact of supply disruptions from the Philippines will probably be "underwhelming.