Nickel prices softened 0.36 per cent to Rs 684.70 per kg in futures market today as speculators trimmed positions amid a weak trend overseas and low demand from alloy makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery this month traded lower by Rs 2.50, or 0.36 per cent, to Rs 684.70 per kg, in a turnover of 297 lots.
Analysts said apart of subdued demand from alloy makers in the domestic spot market, weakness in base metals at the London Metal Exchange (LME) as bulls exited after a run-up in prices. Investors awaited policy decisions from the Bank of Japan and the Federal Reserve, weighed on nickel futures.
Globally, nickel for delivery in three months lost 1.3 per cent to USD 10,180 per tonne at the LME.
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