Nickel futures slide 0.49% on weak spot cues

Nickel prices shed 0.49 per cent to Rs 875.80 per kg in futures market today as speculators trimmed positions, taking weak cues from the spot market on fall in demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in February declined by Rs 4.30, or 0.49 per cent, to Rs 875.80 per kg in a business turnover of 1,863 lots.
Similarly, the metal for delivery in March contracts was trading lower by Rs 4.10, or 0.46 per cent, at Rs 879.70 per kg in 72 lots.
Market analysts said cutting down of positions by traders due to fall in demand from alloy-makers in the physical market influenced nickel futures.