Nickel down 0.7% on weak overseas cues, low demand

Nickel prices drifted lower by 0.71% to Rs 703.50 per kg in futures trading today as speculators trimmed positions amid a weak trend overseas and muted demand from alloy makers at the spot market.

At the Multi Commodity Exchange, nickel for delivery in far month August declined by Rs 5, or 0.71% to Rs 703.50 per kg in business turnover of 90 lots.

Likewise, the metal for delivery in July contracts traded lower by Rs 4.90, or 0.70% to Rs 697.60 per kg in 1,046 lots.

Analysts said apart from a weak trend overseas, sluggish demand from alloy makers in the domestic spot market, mainly weighed on nickel futures.
 
Globally, nickel for delivery in three-month dropped 1.7% on the London Metal Exchange.