Nickel down by 0.3% on overseas trend

Sluggish demand in the domestic spot market also affected prices

Nickel futures traded 0.31% lower at Rs 573.90 per kg today amid a weakening trend at the London Metal Exchange (LME) and sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in current month shed Rs 1.80, or 0.31%, to Rs 573.90 per kg in a business turnover of 501 lots.

Metal for delivery in January 2016 was also trading lower by Rs 1.70, or 0.29%, at Rs 580.20 per kg in a turnover of 143 lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tune with a weak trend at LME as most industrial metals retreated and subdued demand from alloy-makers at domestic spot markets.