Nickel futures traded 0.50 per cent down at Rs 650.20 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 October month shed Rs 3.30, or 0.50 per cent, to Rs 650.20 per kg in a business turnover of 137 lots.
On similar lines, metal for delivery in current month shed Rs 3, or 0.46 per cent, to trade at Rs 643.70 per kg in 836 lots.
Market analysts said the fall in nickel prices was mostly in line with a weak trend at the London Metal Exchange (LME) as most industrial metals retreated amid renewed concerns over slowing economic growth in China, the biggest consumer.
Globally, nickel retreated after China's imports of the refined metal slumped to the smallest in four months. Purchases shrank 60 per cent to 18,774 tonnes from July, when imports were the second-highest on record, according to China's Customs administration.
