Nickel futures slip on weak overseas cues, muted spot demand

Amid a weak trend in global market and subdued domestic demand, nickel traded 0.22 per cent lower at Rs 682.90 per kg in futures trade today as speculators reduced their bets.
In futures trading at the Multi Commodity Exchange, nickel for delivery in October was trading down by Rs 1.50, or 0.22 per cent, at Rs 682.90 per kg in a business turnover of 114 lots.
The metal for delivery this month was also down by Rs 1.40, or 0.21 per cent, to Rs 677.30 per kg in a business turnover of 991 lots.
Analysts said the fall in nickel prices was mostly in line with a weakening trend in select base metals at the London Metal Exchange (LME).

At the LME, nickel fell 0.3 per cent after surging 4.4 per cent yesterday.
Muted demand from alloy-makers at the domestic spot markets also weighed on the metal prices, they said.