 "Nickel down by 1% on weak global cues")
Nickel futures today traded lower by 1.02% to Rs 579.50 per kg as speculators engaged in squaring-up their positions in view of expiry amid a weak overseas trend and subdued demand at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in current month contracts weakened by Rs 6, or 1.02%, to Rs 579.50 per kg in a business turnover of 674 lots.
Similarly, the metal for delivery in the December traded lower by Rs 6, or 1.01%, to Rs 586.40 per kg in 472 lots.
Analysts said besides muted demand from alloy-makers at domestic spot markets, a weak trend in the base metals pack at the London Metal Exchange (LME), weighed on nickel prices in futures trade here.
At the Multi Commodity Exchange, nickel for delivery in current month contracts weakened by Rs 6, or 1.02%, to Rs 579.50 per kg in a business turnover of 674 lots.
Similarly, the metal for delivery in the December traded lower by Rs 6, or 1.01%, to Rs 586.40 per kg in 472 lots.
Analysts said besides muted demand from alloy-makers at domestic spot markets, a weak trend in the base metals pack at the London Metal Exchange (LME), weighed on nickel prices in futures trade here.