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Nickel prices softened by 0.29% to Rs 1,154.70 per kg in futures market today as speculators trimmed positions amidst low demand from alloy-makers in the spot market.
Further, weakness in base metals at the London Metal Exchange (LME) also weighed on prices.
At the Multi Commodity Exchange, Nickel for delivery in July traded lower by Rs 3.40, or 0.29%, to Rs 1,154.70 per kg in a turnover of 2,278 lots.
Similarly, the metal for delivery in August weakened by Rs 1.70, or 0.15%, to Rs 1,162.20 per kg in 68 lots.
Analysts said apart subdued demand from alloy-makers in the domestic spot market, weakness in metal at the LME as investors deemed supply of the refined metal sufficient for now, even after Indonesia banned raw ore exports in January, weighed on nickel futures here.
At the LME, nickel for delivery in three months dropped 0.5% to USD 19,242 per metric tonnne.
