Nickel futures slip 0.18% on muted demand

Nickel prices fell 0.18 per cent to Rs 885.40 per kg in futures trade today as speculators cut bets amid a weak trend in the global markets and tepid domestic demand. At the Multi Commodity Exchange, nickel for delivery in February eased by Rs 1.60, or 0.18 per cent, to Rs 885.40 per kg in a business turnover of 47 lots. Metal for delivery in March also fell by Rs 1.10, or 0.12 per cent, to trade at Rs 889.30 per kg in 969 lots. Analysts said the fall in nickel prices was mostly in line with a weak trend in base metals overseas at the London Metal Exchange (LME) amid easing demand from alloy-makers in the domestic physical market. Meanwhile, at the LME, nickel for three-month delivery fell 1.2 per cent after posting a 7 per cent rally last week.